An Empirical Study Of China's Listed Companies Ownership Concentration And Corporate Performance

The achievements of the company are decided in the certain degree by enterprise's internal management; And the internal management is decided by the enterprise's government structure. The enterprise's government structure contains the structure of the property right, the request - proxy relations and so on. The structure of the property right involves to the stockholder's rights assignment, the stockholder's rights reciprocity and the function. The centralise degree of Stockholder's rights of present paper discussed belongs to them. The centralise degree of Stockholder's rights is the target of the mathematical quantification, which refers to the complete shareholder of the stock different displays or the disperse presents, and it weighs the stockholder's rights distribution condition of a company. It also is an important target of a company stable. The company achievements refer to the efficiency and reflect the management effect of company. It's generally performed by some or a group of financial norms. In the theory, some scholars think the relations between the centralize degree of Stockholder's rights and the company achievements are the unidirectional changes; Some scholars think the reversed direction; Also some scholars think no. This article concentrates in the relations between the centralise degree of Stockholder's rights and the company achievements to solve the company achievements and propose own view and the suggestions.Various chapters contents as follows:First chapter, the remarks of introductory, the backgrounds of the selected topic,the significance,the analysis frame and possible innovation.Second chapter, the nationality neterprise,the government structure and the centralise degree of Stockholder's rights. First comparison to the various countries of the centralise degree of Stockholder's rights, and the review to the centralise degree of Stockholder's rights evolution, finally the comparison research of three kinds of companies'pattern : the English America pattern,the pattern of the German and the Japan,the pattern of East and the Southeast Asia family governed.Third chapter,the theory of relations between the centralise degree of Stockholder's rights and the company achievements. This is the foundation of theory. First the centralise degree of Stockholder's rights and multi- factors are analysed. Then target system is constructed by the utilized CR1,the Z index,the CR index and a Hertz fragrance reaches. And the company achievements are the carried on by the utilization Q ratio,the net assets income rate,the host camp service property income rate. Finally, the fundamental research of the theory is reviewed to relations between centralized degree of Stockholder's rights and company achievements.Fourth chapter, the real diagnosis analysis to relations between the centralise degree of theStockholder's rights and the company achievements. This part looks on the centralise degree of Stockholder's rights and cuts into the influence of structure stockholder's rights to the company achievements. Through the centralise degree of Stockholder's rights CR1, the Zindex, the CR index and a Hertz fragrance, we carry on the statistics description, then goes on the real diagnosis research and the analysis between the centralise degree of Stockholder's rights and the company achievements.Fifth chapter, the conclusions and the suggestions.1,Most major characteristic is the company stockholder's rights concentrate to the first major stockholder, most prominent to the first five major stockholde;2,The different structure of the stockholder's rights presents the U relations to the company achievements, and the profession presents differently;3,In the partial professions, the control shareholder's existence, is advantageous to our company's development, and the market company's achievements is better than the low centralise degree of Stockholder's right. Through the relevance and the regression analysis, the author suggests: 1,The government should maintain the function principle"the behavior can refrain from doing things", impels the balance between extreme point and the centralise degree of Stockholder's rights. 2,Use annexation cooperation strategy and the government policy to enhance or reduce the branch of industries centralise degree of Stockholder's rights. 3,Cultivates the company exterior to govern the market.