Research On The Influence Of Ultimate Control On Management Performance In Listed Companies

Research of corporate governance based on control rights has always been the focus for researchers and an important aspect of the impact on performance of corporate governance.With the development to the depth, more attention has been paid to ultimate control. Ultimate control of behavior will have some effect on the performance of listed companies. The SFC found that from January 2006 to February 2008 period, shares in the Czech Republic, Chairman of Zhejiang CaiKaijian directs others, using a variety of deceptive means to avoid the listed company management procedures, without the normal approval procedures, number of shares in the Czech Republic will funds out of, involving more than 500 million yuan. The shares of Shandong nine rounds at nine, the largest shareholder of the Group's Chairman Jiang Shaoqing through nine rounds of the Group's associated companies will be issued shares of funds out of nine, from nine rounds of the Group free to use, involving more than 600 million yuan. Ultimate control of listed companies through the creation of pyramid holding structure or way of cross-shareholdings made the ultimate control of the target company, thus achieving greater control with less control over the shares of the effect. This control method is to produce a distinctive feature of the ultimate ownership and ultimate control of the deviation, which may cause damage to the performance behavior of listed companies.Although scholars have come to the ultimate control of a number of valuable conclusions, but because the world of difference in levels of economic development and historical, cultural, legal and social environment of diversity, so that ultimate control of lead showed diversity of corporate governance and complexity of features. Effective corporate governance should be developed in connection with national real tailor. Therefore, explore the ultimate control of the impact on firm performance, the ultimate control of how to regulate behavior, improve corporate governance performance to protect the interests of small investors is the main purpose of this paper.In this paper, private listed companies in Shanghai Stock Market in 2007-2008 as the research object, research and empirical studies using standard research methods combining listed companies in China to analyze the ultimate control to reveal the ultimate control of the impact on performance. Paper is divided into five chapters: The first chapter is an introduction, background information, including research, domestic and international literature review and research framework, contents and methods. ChapterⅡis the ultimate control and governance of listed companies based on performance analysis, first, the ultimate control and corporate governance performance defines the concept, then describes the theoretical basis of the corresponding mainly contract theory and principal-agent theory. ChapterⅢis the ultimate control of listed companies on Corporate Governance and Performance Analysis of relevant factors, discussed in detail the ultimate control on corporate governance related factors affecting the performance and impact of the mechanism, and analyzes the ultimate control of listed companies on the status of Performance Management. The fourth chapter is part of empirical analysis to China's private listed companies, for example, through correlation and multiple regression analysis of the ultimate control of the corporate governance performance. ChapterⅤis the conclusion part, puts forward corresponding countermeasures.The characteristics of this paper are:Examples described in detail by analysis of the concept of ultimate control, from the control of shared benefits and private benefits with the perspective of the ultimate control of the impact of performance on corporate governance mechanism, making the issue of more essential. At present, the ultimate control of academic empirical analysis focused on two right degree of deviation, the paper selected as China's private listed companies in Shanghai Stock Market Analysis object to study the two right deviation. In order to avoid the control of different selection criteria impact of selected empirical studies were made more stringent standards of robustness test. This study will help companies to ultimate control of behavior norms and corporate governance performance improvement.