Listed Company Ownership Concentration And Company Performance, Empirical Research

The modern enterprise system core is to need to found a set of rational perfect company governing structure, face to face manage right is in progress restrict , harmonize enterprise benefit relevance person benefit, strengthens enterprise competition , improves manage achievement effect. Stock right structure governs a lower important branch of special subject as the company , problem needed to study by whose is that different stock right distributes being able to govern to the company weighing, and coming into being or not how effect.The common condition that state-owned enterprise is changed to manufacture after appearing in the market is that country share and state-owned institutional shares have taken up the absolute advantage portion in general share capital, but non-governmentally operated enterprise founder "one strands of alone big " phenomenon are outstanding in recent years, also gradually with the fact that people camp listed company increases by unceasingly, the behavior invading and occupying minor shareholder benefit can't be commensurate to a strong stock holder common , the all together degree studying stock right governs the efficiency effect to the company, before what Chinese present stage appears especially important in connection with stock right in architectural problem, And already become in recent years theory boundary a hot spot that structure studies to stock right.Choose A share listed company in 2005 on the basis the main body of a book is studied in already having, all above city company's the achievement effect managing is that the variable is explained , all together degree is to explain a variable , to interpose a command at the same time with stock right, build the multivariant return model, the demonstration the relation that all together degree and the achievement effect show to our country listed company in 2005 stock right is carried out analyses, in an attempt fishing for the target pattern optimizing our country listed company stock right structure. The result studying is indicated: A listed company stock right existence is notable between all together degree and the enterprise business operations be looking at and appraising relationThe article has brought forward our country listed company stock right finally suggestion that all together degree optimizes. A listed company of our country needs to avoid one share to the full alone big, and keep certain stock right all together degree, by governing up coming the quantity increasing a strong stock holder's to the company to countervailing an effect, to realize the effective supervision managing to the company and the achievement effect controlling , improving thereby company's managing. Structural optimization responds to building-up on sufficient competitive market environment basis, benefit protects and machine-made perfect rapid and intense be tied in wedlock be obliged to with the investor to emphasize stock right finally.