Empirical Research On The Influence Of Equity Structure To Corporate Performance

Research on the influence of equity structure to corporate performance is a hot topic and a difficult problem focused by both the academia and empirical researchers, but did not reach coincident conclusion.The equity structure is foundation of the corporate governance. Equity structure affects the corporate performance by means of governance structure of Chinese listed company. perfect governance structure can raise capital fund at lower cost and improve the corporate performance,It is the microscopic foundation of modern market economic healthy running that on the one hand, good corporate governances mechanism, stabilize and develop for economy and finance to have significant meaning. The purpose of this thesis does not establish empirical statistical models, but analyze the relationship between the equity structure and governance structure, and find inner economic relationship. It provides theoretical basis for arranging reasonable equity structure of our listed companies.The thesis study the influence of equity structure to corporate performance on the base of relevant overview of research at home and abroad, using combination of quantitative and qualitative analysis methods. This article is made up of five main parts. Firstly it gives a brief introduction of aim and meaning of the research, relevant overview, at home and abroad and contents and methods. Secondly, it is given on basic theories of equity structure and given a definition to the correlation concepts, we analyze the type of equity structure, describe the Present equity structure, establish empirical statistical models and confirmed this method feasibility and the rationality regard to multicollinearity serial correlation heteroskedasticity.lastly,we analyze the question according to total samples, time and industry.The influence of equity structure to corporate performance is researched based on empirical study and hypothesis test. Results show that the concentration degree of stock right appears reversed "U" outstandingly .The proportion of circulating stocks and company's performance are prominent relevant relations; legal-person share has significant positive correlation; there is an U shape relationship between state owned share and corporate performance. According to year of 2005 and 2006,the result indicate company performance index for 2006 is better than that in 2005 obviously, this prove from one respect stock right divide function to put reform preliminary to already work. Carring on the regression analysis through the profession dimension, results show that most of them through the significance, besides the individual profession examination, some professions have not presented strong sub-linear relations; some present the strong two non-linear relations. Many factors may cause the stockholder's rights structure to be different to the company achievements influence, such as the profession nature, the environment stability, the competition condition and so on .We need to regard by the dialectical viewpoint, place the shareholder behavior in the specific environment, analyze the market mechanism and unify the property right structure and the market mechanism.