A Study About The Influence Of Share Capital Segregation Reform In Listed Companies To Corporate Governance

Share capital segregation is the main reason for unreasonable ownership structure in listed companies, which causes serious weakness in corporate governance. The original purpose of share capital segregation reform is to improve the governance of listed companies from the institutional foundation. This paper study about the reform, on one hand it enriches researches about the relationship between share capital segregation reform and corporate governance, on the other hand it proposes suggestions to improve the governance of listed companies.This paper comprised six chapters. Chapter one introduces the researching background, purpose and significance of this paper, reviewed related documents, and then sets out the research methods, contents, innovations and shortages of this paper. Chapter two introduces the basic theories of company governance. Chapter three studies the share capital segregation reform. It fetches out the concept of share capital segregation reform by analyzes the faults of share capital segregation, and then narrates the share capital segregation reform, especially narrates the compensation and significance of the reform in detail. Chapter four and five are the core of this paper. Chapter four analyzes the influence of share capital segregation reform to corporate governance and ownership structure, and draws a conclusion that the reform can improve the governance of listed companies. Chapter five uses the compare analysis, financial indexes analysis, and SPSS 11.5 quantitative analysis, to confirms that the share capital segregation reform can optimize the ownership structure. Chapter five also confirms the function between ownership structure and corporate governance, and draws a conclusion that the reform can improve the governance of listed companies. Finally the chapter six summarizes the conclusion, bring out political suggestion, analysis the limitation of research, and then look forward the future study.This paper selects 32 listed companies in Shenzhen 100 Index as sample companies, of which has been completed share capital segregation reform before the end of 2005. After the combination of theory study and empirical study, this paper draws the conclusion that the share capital segregation reform can improve the governance of listed companies.There are two innovations in this paper. One is this paper uses the combined study of theory and empirical study, to confirms the reform improves the corporate governance. Another is this paper find the percentage of state-owned shares is not negative correlate with the corporate governance by empirical study. This conclusion is different with former studies.