The Stockholder's Rights Mounted Cylinder Reform Governs The Achievements Research With The Company

Our country stock market is one of reform and open policy symbolic products,it at first is carries on the exploration for the Chinese characteristic socialist market economy construction to set up,thus sets up time has "the experimental plot" the nature,the stockholder's rights mounted cylinder is refers to be listed stockholder's rights structure which under this special historic condition forms "two heterogeneity stocks" between difference,namely non-circulation state-owned,corporate shares,as well as may circulate the social public stock,stemming from the stockholder's rights "the fluidity" the aspect artificial limit,has created between two kind of different stocks "the different stock,the different price,the different power" the phenomenon.The stockholder's rights mounted cylinder grew the market which in our country stock market between the different stock the different market system,the structure and the transaction custom "the dualization" separated.The stockholder's rights mounted cylinder question which by in the understanding difference as well as the experiment site advancement's discrete choice,the artificial separate create since has produced, has become puzzles one of our country stock market healthy development deep level reasons.What rejoiced,in April,2005,the Chinese Securities Supervisory Association announced that starts the solution stockholder's rights mounted cylinder question officially the pilot work,at this point, already in the recent four years,after the share reform,whether there does the company govern the achievements to improve,the share reform and the company govern the achievements to have what kind of correlational dependence,has provided the research subject for this article.First,in this article studies in the process,referred to the massive domestic and foreign related enterprise stockholder's rights mounted cylinder reform to govern the achievements with the company the literature material,has used the theory and the practice unifies the research technique which,the empirical analysis and the canonical parse unified.First,has used for reference domestic and foreign governs the achievements about the stockholder's rights structure and the company the related research,based on this,has utilized theories and so on behavioral science,principal-agent theory,property right theory,modern enterprise theory and property rights structural theory,drive theory the theory which studies as this article uses for reference.Next,in the entire paper's hard core,unifies our country to complete the share reform in 2005 213 sample company and has not completed the share reform at the end of the year until 2006 211 sample company total 424 companies,carried on the stockholder's rights mounted cylinder reform to govern the achievements with the company the correlation analysis,and further from share reform structure's angle embarking,unifies in 2005 completes the share reform 213 sample company,after stockholder's rights concentration degree,stockholder's rights conductivity,property scale,property ratio of debt to net worth as well as independent director proportion and so on each angle embarking depth analysis share reform and share reform the company governed the achievements the contrast, unearthed the share reform,the stockholder's rights structure and the company governs the achievements the relations.Have drawn the following research conclusion according to the principle analysis and the empirical analysis:(1) the stockholder's rights mounted cylinder reform dummy variable governs the achievements under 5%levels with the company to be remarkable is being related,with the supposition match case,explained that the stockholder's rights mounted cylinder reform governs the achievements to the company the influence is positive,the stockholder's rights mounted cylinder reform's implementation has made certain progress.(2) regardless of before is the stockholder's rights mounted cylinder reform,after stockholder's rights mounted cylinder reform,the first major stockholder owns stocks the proportion to be higher,the company governs the achievements to be worse.(3) regardless of before stockholder's fights mounted cylinder reform after stockholder's rights mounted cylinder reform,the fragrance Dell index and the company governs the achievements to assume the inverse correlation.(4) before the stockholder's rights mounted cylinder reform,between the circulation stock proportion and the company performance assumes the obvious inverse correlation relations.After stockholder's rights mounted cylinder reform, the circulation stock proportion and the company govern between the achievements when 2005 presents the correlational dependence,in 2006 in 2007 assumes the inverse correlation relations,this governs the present with the stockholder's rights mounted cylinder reform to the company to have the deviation related,does not tally with this article supposition.(5) before the stockholder's rights mounted cylinder reform,between the property scale and the company performance assumes the inverse correlation relations;After Stockholder's rights mounted cylinder reform,the company size and the company govern between the achievements present related in 2005 and in 2007,assumes the inverse correlation in 2006.(6) regardless of before stockholder's rights mounted cylinder reform, after stockholder's rights mounted cylinder reform,between property ratio of debt to net worth and company performance remarkable inverse correlation.(7)regardless of after before is the stockholder's rights mounted cylinder reform,the stockholder's rights mounted cylinder reform,the independent director and the company governs the achievements present to be related,conforms to the supposition.Finally,governs the achievements according to our country stockholder's rights mounted cylinder reform with the company the findings,governed as well as enhances the company to govern the achievements to our country To be listed to propose suggested:Continues to optimize the stockholder's rights structure,determines the holding shareholder and the social public stock proportion reasonably;Establishment and perfect restraint mechanism;Establishes and consummates the incentive mechanism;Establishes and consummates the exterior government mechanism;The establishment and the consummation company govern the achievements appraisal system.The full text ending part had pointed out this article will study the insufficiency and the futurology forecast.