The Relationship Between Stockholder's Rights Structure And Corporate Performance In Privatelyly Listed Company

The listed company is the significant part of economy, operating performance embodies the condition of development as to company. Corporate governance which is the decisive factor and undertakes institution decides good company performance. Corporate governance which coordinates and standards the relationship among stake -holders in the company is a kind of institution arrangement. The stockholder's rights structure which is the basis of ownership is the central problem of institution arrangement. Therefore, only establishing reasonable stockholder's rights structure can guarantee perfect corporate performance.The results of empirical study on abroad exists huge difference. Because the chosen specimen is old, the social background and economical circumstance is different, the results of empirical study on the relationship of stockholder's rights structure and corporate performance doesn't adapt to our country. Internal scholars mostly demonstrate the relationship of stockholder's rights structure and corporate performance about state-owned listed company, however, rarely demonstrate privately listed company. The privately listed company which acts on the favorable development of capital market is the significant part of listed company, thus it is necessary to roundly analyze the relationship of stockholder's rights structure and corporate performance about privately listed company.The first part is the basis of the whole study, it indicates the background and significance of the subject, it also point out the thought and method of study, it sums up the relevant home and abroad literature. The second part is the theory study about stockholder's rights structure and corporate performance. Firstly illuminates the signification of stockholder's rights structure on the basis of stockholder's rights; then analyses the meaning of corporate performance, compares the three indexes which reflect corporate performance. This dissertation considers CROA is a reliable index reflecting corporate performance; finally brings forward the corresponding five demonstration hypothesis on the basis of academic analysis of stockholder's rights structure and corporate performance of privately listed company in Zhejiang province. The third part is the empirical study about stockholder's rights structure and corporate performance of privately listed company in Zhejiang province which is main body of the dissertation. Firstly analyses the course of development in privately economy of Zhejiang province as well as the actuality of privately listed company of Zhejiang province; then respectively analyses the characteristic and actuality about stockholder's rights structure and corporate performance of privately listed company in Zhejiang province; finally makes an empirical study on the relationship of stockholder's rights structure and corporate performance of privately listed company in Zhejiang province which elicits four conclusions. The fourth part brings forward the relevant suggestion and countermeasure on the basis of the result of empirical study.This dissertation adopt annual bulletin about privately listed company of Zhejiang province from 2003 to 2005 theoretically and empirically by means of statistic and econometrics. This dissertation analyses the characteristic and actuality of stockholder's rights structure and corporate performance as well as the relationship of stockholder's rights structure and corporate performance about privately listed company.The study indicates the characteristic of stockholder's rights structure: the percentage of legal-person shares is highest in the listed company, moreover, it take on decline as the year increasing, the percentage of state-owned shares is quietly low in the listed company; In general, stockholder's rights in the listed company is fairly concentrated as well as exits a phenomenon that The largest shareholder's proportion is very large, the largest shareholder locates dominated status; The proportion of advanced administrator shares is comparatively low, however, it will augment later; The circulation shares proportion is not high, the shares which doesn't circulate locates dominated status. In general, the management of privately listed company in Zhejiang province is better than state-owned listed company, whereas, the management of privately listed company has a trend that it will decline, the ability of producing profit is swelling; privately listed company leans to short-term financing relative to long-term financing, the total indebted level of privately listed company which comparatively regards the security of company is lower than the state-owned listed company; Relative to the state-owned listed company, the privately listed company receives higher value from market.This dissertation adopt the specimen which is the bulletin about privately listed company of Zhejiang province in the year of 2005, through an empirical study on the relationship of stockholder's rights structure and corporate performance, This dissertation finds the following conclusion: The legal-person shares proportion and the corporate performance doesn't exist evident correlation ,but exits cubic; The largest shareholder proportion and the company performance exists positive correlation , and so is Herfindahl; The advanced administrator shares proportion and company performance appears positive correlation; The circulation shares proportion and the company performance appears inverse correlation, it also exits the correlation of U.This dissertation gives suggestions on perfecting stockholder's rights structure and enhancing the operating performance on the basis of the results of the empirical study: firstly, it should form a shareholder which locates dominated status so as to enhancing the company performance; secondly, it should implement the system further that advanced administrator should hold shares; thirdly, it should introduce reasonable investor of organization for the sake of enhancing the company performance; fourthly, the stockholder's rights structure which is moderate concentrated will conduce to enhancing the operating performance of privately listed company; fifthly, enhancing the company performance through establishing effective institution of interior potency which is interactional; sixthly, enhancing the company performance through establishing perfect institution of exterior supervision.