The Research On The Relationship Between The Equity Restriction And The Performance Of Listed Company

With the business owners by the system through the development partners to present joint-stock enterprises from the study of classical economics in the development of new institutional economics,had a theory of the modern enterprise,corporate governance issues also came into being.Ownership structure of corporate governance as the cornerstone of the company determines the distribution of the shares,will determine the corporate governance mechanism of internal control mechanisms,various internal controls will affect the efficiency of the entire management of the company's efficiency.In establishing a modern enterprise system,the ownership structure as the most important,the scholars had a lot of theoretical and empirical research,China's stock market coupled with state-owned shares having the largest number of shares in listed companies has been under fire,searching for the optimal Ownership structure has become a focus of attention.Too much concentration on ownership structure,lack of motivation of supervision,the controlling shareholder will be able to willfully damage the interests of minority shareholders and the company,seeking private benefit of control;fragmentation of shares will bring about shareholders of opportunistic behavior, leading to increased cost of supervision.With the superiority of improving the efficiency of corporate governance and enhancing the performance of the company's advantages,Equity restriction accesses to people's attention.In that case,can equity restriction increase the performance of Chinease listed companies? This article is through empirical research on the relationship between equity restriction and the performance of Chinease listed companies,as well as the impact on different sectors of this relationship.This paper studies on the relationship between equity restriction and the performance of the componies.First of all,the article describes the research background, the purpose and review of home and foreign literature,introduced theory of principal-agent theory and property rights theory which is the basis of the new institutional economics and corporate governance.And then anylize the mechanism of equity restriction improving the performance of companies.On this basis,the selection of the Shanghai Stock Exchange's 709 non-financial companies listed on 2007 data for the study sample,divided into absolute control over the type of equity restricion and equity scattered three types.Through non-parametric test came equity restricion type of company performance than the other two categories,but there was no significant difference in the conclusions.Secondly,this paper checks the relationships between equity restricion,H index,the nature of the consistency of the two biggest shareholders and the performance of companies with the correlation and regression analysis,obtained by the higher the degree of the restrict of the second three,four,five major shareholders, the concentration of ownership in the five major shareholders,the former shareholders of the nature of the two into line,to improve the performance of the company.Finally, the sub-sector stake in the study of the relationship between equity restriction and the performance of the companies and found that the relationship between the two industries showed differences in performance for competitive industries,the higher the degree of equity restriction,the better the performance of the company,and in the monopoly sectors,the On the contrary Relations.