Control Of The Ownership Structure Of Chinese Listed Companies And Market Research

The ownership structure has a profound impact on the company's financing costs, governance structures, the distribution of social resources, the capital market development and so on. The foreign research of the ownership structure is from the separation of ownership and the management and is based on the principal-agent theory, since the publication of "Modern Corporation and Private Property" which is written by Berle & Means, the theory of enterprise ownership structure has become the hot spot. Since the appearance of joint-stock enterprises, particularly since the 1980s of the 20th century, Western scholars tried their best to put more energy into shareholding structure and at the same time large number of well-known scholars such as Jensen and Meckling, Morck, Fama, David emerged. After the 1990s, Chinese scholars have joined the battle to meet domestic needs, starting from standard and empirical two affects. In developed countries, the theory of company control of market has been divided into two major categories: mainstream and anti-mainstream theory. The constant collision between the two theories, research about company control of market has been able to continue to move on. In our country, the theoretical study of the company control of market is basically still at the initial stage, but some academic research on enterprises merger and on the domestic company control of market, have gradually gained more dimensions of the theoretical hypotheses.In the reform of the equity division going on, the paper regards the shareholding structure as a focal point, using examples, historical analysis, deeply and systematically analyzes the reason for the ownership structure and characteristics, the impact on the relations between the ownership structure and the company control of market. The hope is to play a certain theoretical and practical significance on the success of the reform of the equity division and the standardization of China's listed companies control of market. This is my intention to choose this subject as my graduate article.This paper is divided into four parts:The first part analyzes the characteristics and shareholding structure of listed companies in China formed. Ownership structure of listed companies in China is unique, in order to study the relations between this unusual ownership structure and control of the market, it is necessary to grasp the causes of the unique of shareholding structure.The second part of the article leads to the appearance and the development of Chinese control market through the foreign shareholding structure contrast to controlling market.The third part of the article analyzes several affects about shareholding structure: shares concentration, liquidity, equity ratio of executives of listed companies' impact on China listed company's control market, so that it points and discusses the present characteristics of listed company's control of market in China.The fourth part is the last one. Regarding to unique ownership structure of listed companies and to control of market, in connection with the ongoing reform of the equity division shareholding structure, this part brings about some suggestions and countermeasures.