Research On The Influence Of Split Structure Reform Of China's Stated-controlled Listed Companies' Performance

The phenomenon of different price and right with the same share which caused by the split share of China's capital market artificially created interest conflicts between different shareholders, has bad impact on the corporate management, not only violates the market equity principle, but also limits capital market the opportunity to participate in the international competition and long-term healthy development of listed companies. April 29, 2005, the reform of split share reform began, it's an important move of China's capital market construction. The purpose of the reform is to realize the same price and right with the same share, all shares in circulation and give full play of the capital market's role in resource allocation. Split share structure reform of the state-controlled listed companies has great impact on the ownership structure and corporate performance. What impacts the split share structure reform of state-owned listed companies is the problem which this paper is trying to study.The paper will start from the split share reform, with the development of present theory, make the analysis of intrinsic link between the ownership structure and corporate performance. The paper chooses 431 companies which started reform in 2006 and ended before September 31, 2006 as samples, and make an empirical analysis of data from 2004 to 2008. The focus is to study the impact of performance caused by the reform, and propose some suggestions of strengthen corporate governance and enhance corporate performance. Hope that the research can give reference of improving governance structure and enhancing corporate performance, and provide protection of development of China's capital market and listed companies.