Share Reform Of Listed Companies On The Impact Of Empirical Studies Of Performance

Share of China's listed companies are the most basic features of ownership structure, that is, highly concentrated ownership and the status of country living in the majority of shares, legal person shares can not be in circulation, the circulation of the shares may be only a small number of shares of the public, it is because of the inconsistencies of the mobility of cause two types of shares in the interests of shareholders of the basic inconsistency, as the source of corporate governance led to a series of defects, such as the deterioration of principal-agent problem, a serious internal control, managers and so weaken the incentive and restraint mechanisms. Therefore, the share of China's listed are a number of corporate governance lies the fundamental flaw. Share reform is completed, China's ownership structure of listed companies will be significant changes. Change of ownership structure and whether the listed companies improve business performance, which is trying to answer in this article.Article based on changes in ownership structure, focusing on the share reform of listed companies before and after changes in ownership structure, and changes in ownership structure further role in the efficiency of corporate governance, and ultimately a direct impact on the performance of listed companies on the business. The author of the study reviewed the literature and theory on the foundation around the "Ownership Structure - Corporate Governance - Corporate Performance" line of thinking in the use of theoretical analysis and empirical analysis of listed companies at stock performance before and after the change to make a comprehensive analysis.From the relevant concepts and theories of how ownership structure and thus the impact of corporate governance analysis of corporate performance, and describe statistical methods to take part in shares of listed companies descriptive statistical analysis found that ownership structure in the share reform of listed companies before and after changes in operating performance is very large, that is, the proportion of shares outstanding at year-on-year increase after the reform, the proportion of outstanding shares increased to further promote the improvement of the efficiency of corporate governance to enhance the company's operating performance, at the conclusion of empirical research in this article has also been adopted by some of the principal component factor analysis approach to verification. Share performance of companies is an important reason for not only vigorously promote the reform of split share structure, implementation of the full circulation of shares to shareholders of tradable shares and non-negotiable shares a common foundation of the benefits, only to form the basis of common interests, to make the company's common concern to all shareholders on how to improve the efficiency of corporate governance, only by so doing, the company will probably be operating performance really improve.