Research On The Relationships Between Ownership's Structure And The Corporation Performance Based On Small-and-middle-sized Board

The relationships between ownership's structure and the corporation performance are the questions that academic attends all the times, are also difficult. The ownership's structure is a foundation of the corporation governance, which directly affects the corporation governance, affects the performance of corporation governance at the same time. Moreover, at present the research on them is mainly done from a sole aspect, namely the research on some isolated aspect such as ownership centralization,ownership controlling balance, which is somewhat one-sided. So some conclusions also affirm an aspect and deny another aspect. Therefore, the articles which take studies the sample as the main body and research on the relationships between ownership's structure and corporation performance by the multi-angles and multi-sides are also rare.Formerly the research on the relationships between ownership's structure and the corporation performance mainly aims at the listed company of the motherboard market. And the research conclusion has the certain limitation, but not yet has the research on the relationships between ownership's structure and the corporation performance based on Small-and-Middle-Sized Board that newly have been established in 2004. But the biggest difference in the ownership's structure between Small-and-Middle-Sized Board and the motherboard is that the natural persons control the ownership. Namely the natural persons as the ultimate controlling persons control the company by pyramidal ownership or cross-holding. In addition, the former research was done according to state-owned shares, corporation-owned shares, circulating shares. They don't consider the natural persons, which is formerly deficiency.The research goal of this article is that it bases on the existing research foundation, separately explains the relationships between ownership's structure and the corporation performance from several aspects such as the attribute of ownership's structure, ownership centralization,ownership controlling balance and so on, and expects that this text can put forward some good policies to optimize the ownership structure of Small-and-Middle-Sized Board.The basic clue of the article is as follows: Firstly reviewing the available literatures and pointing out three mainstream research directions about the relationships between ownership's structure and the corporation performance, Namely the corporation performance affected by ownership centralization, ownership controlling balance and kinds of controlling mechanism used by ultimate controlling persons. Secondly explaining the theory and realistic condition about it. Thirdly according to the above, bringing forward the supposition and model. Forth carrying on the empirical analysis based on it. Fifth demonstrating the endogeneity of ownership structure and pointing out there is no endogeneity of ownership structure among the listed companies of Small-and-Middle-Sized Board . Finally summarizing the above analysis and putting forward the proposal on the ownership structure question. This article uses the method of the theoretical analysis , and explains the theoretical basic of ownership structure and the relationships between ownership's structure and the corporation performance by using the principle-agent theory and the controlling rights theory. In addition, analyzing the present situation of ownership structure and corporation performance on Small-and-Middle-Sized Board by using the method of the mathematical statistic description and the financial index analysis. Also establishing model to validate the relationships between ownership's structure and the corporation performance by empirical method.The article consists of six chapters.Chapter 1 The prefaceChapter one is the preface of the article: Firstly introducing the research background of this article. then demonstrating the goal and the significance of the selected topic. Secondly explaining the research clue and the article frame . Finally introducing the research method and the innovation of this article.This article thinks it is three years since the Small-and-Middle-Sized Board was built, and this board has characters of private or family, which attracts attention of many investors. Under such background, this article attempts puts forward the policy and proposal through the research on the relationships between ownership's structure and the corporation performance.Chapter 2 Literature reviewChapter 2 is literature review: the author separately introduces the present research situation of the domestic and foreign. And the author demonstrates the relationships between ownership's structure and the corporation performance by the reviews of ownership centralization, ownership controlling balance and the ultimate controlling persons. Then the author points out the deficiency of the domestic related the relationships between ownership's structure and the corporation performance. Finally the author determines their research direction. Charter 3 The analysis of the theoretical basic and present situation about the relationships between ownership's structure and the corporation performance based on Small-and-Middle-Sized Board.Firstly the author introduces the basic theories of this article, then demonstrates the relationships between ownership's structure and the corporation performance. Finally the author makes the analysis of statistical description and the financial index. The author thinks that the ownership structure of Small-and-Middle-Sized Board is concentrative, while ownership controlling balance is not distinct, reviewed from the former ownership structure analysis.And looking from the ownership structure attribute, there are more corporation-owned shares on the Small-and-Middle-Sized Board. And looking from the ultimate controlling persons, lots of companies'ultimate controlling persons control their subordinate companies through the pyramidal ownership.Chapter4The hypothesis of research and the definition of the variable about the relationships between ownership structure and corporation performance of the Small-and-Middle-Sized BoardIn this chapter, firstly, the author reclassifies the ownership structure and illustrates hypothesis related the ownership structure from state-owned shares, corporation-owned shares and natural persons-owned shares. Secondly, the author illustrates hypothesis related the performance from ownership centralization, ownership controlling and ultimate controlling persons.Thirdly, the author definites the dependent variable, independent variable and control variable. Finally ,the author definites the model based on the former hypothesis analysis.Chapter 5 The empirical analysis between ownership structure and corporation performance of the Small-and-Middle-Sized BoardIn this chapter, firstly, the author carrys out a statistics analysis. Secondly, the author carrys out a empirical analysis of the former hypothesis based on the model's regression. Finally, the author discusses the endogenous question of the ownership structure.Chapter 6 The endingThis chapter contains two parts. The first part does a summary for this paper's research. The other part illustrates policy suggestions referred to the former outcome——Firstly, keeping the right ownership centralization degree based on the ownership controlling balance. Secondly, keeping the right proportion between corporation-owned shares and natural persons-owned shares. Thirdly, trying to compress the rank of the pyramidal and crossing-holding ownership structure. Looking over the above research, this article mainly has its own characteristic as follows:1.This article uses the financial index which reflects the ability that company earns the cash to take the weight corporation performance for the first time.2.This article breaks through formerly in the learning research not to considering the natural person shareholder's limitation, and carriys on the ownership structure reclassifies.3.In the conclusion part, the author proposes a conlusion that breaks through the existing research, namely thinking the ownership centralization and the controlling balance could coexist, which is a new viewpoint .4.Finally, the author proposes the own viewpoint, namely reduces the ownership structure levels with efforts, according to the feature of Small-and-Middle-Sized Board.At the same time, the research of this article also has the deficiency.1.There are a few of samples, because it only has 50 companies that complete the reform of split share structure during writing on Small-and-Middle-Sized Board. And the 50 companies have more integrity information, So the stability of the result needs further confirmation.2.The object of this article is the listed company on the Small-and-Middle-Sized Board, So the conclusion is more suit for the listed company on the Small-and-Middle-Sized Board, and not to covering the entire capital market. So, the research conclusion also only supplies the reference.3.There is no considering the industry factors, because the amount of sample is little. With the increasing of amount of the listed company on the Small-and-Middle-Sized Board, the author suggests consider industry factors in later study.