| After more than ten years of development, the stock market of our country has already begun to take shape. Until December 31, 2001, the listed companies of our country have already reached 1160.The quantity of listed companies has increased by 116 times over the past 11 years, which have had a more and more important impact on national economy. However, in recent years, the performance of listed company of our country has glided progressively. Not only does the range of loss expand further, but also the amount of loss increases further. And even some companies listed and suffered loss in the same year. The appearance of phenomenon causes concern from the society. This paper goes on the study on the basis of the background.In chapter one, the importance to the structure of stock right has been explained. In our country, though the listed companies have all sorts of advantages that other companies do not possess as unlisted companies, the management performance of the listed company is less than satisfactory. The amount of loss of listed company increases and the range of loss expands year by year, which influence the sound development of the securities of stock market seriously. Besides influencing by the macroscopical economic factor, the listed company's irrationality of equity ownership structure aggravates the loss too. The defect on the structure of stock right is shown as "inside people control" in board of directors and shareholders' meeting in the corporate governance, which weaken the function of the meeting. Therefore, it is already extremely urgent to carry on the reform to the stock right structure that has existed in the listed companies of our country.The chapter two has reviewed relevant theory of the equity ownership structure and the corporate governance. The analysis of the stock right structure and corporate governance shows that they have closerelationship. The loose equity ownership usually means weak inner control, so the companies which have the equity ownership structure need strict external supervision mechanism. The opposite is also true. The market development of our country is still not perfect at present, so the outsider control mechanism is relatively weak. And the perfection of the market is a long-term course. So, under the present state, as for listed companies of our country, it is a good way to improve the corporate governance from making the inner supervision mechanism. This paper determines to adopt the Tobin's Q as the index of company performance after weighing the pros and cons. In order to remedy it's insufficiently at the same time, ROE and ROA are also used to weigh the company achievement.In the first part of chapter three, it have analyzed the influence that the different stock right structure exerts on the corporate governance at first, thus stated the relationship between equity ownership structure and company performance indirectly. The analysis shows that, under different structure, the function all kinds of administration mechanisms is not the same. On the whole, compared with structure of the other two kinds of stock rights, the structure which stock right is relatively centralized and several relatively holding shareholder exist is the most efficient. It can solve the problem of setting up encouraging and tied mechanism between shareholders, which is helpful to effectively restrict the relationship among them. Then, this part has also analyzed the influence between the shareholder and corporate governance. A qualitative assumption is come up with that the company, which has relatively concentrated stock right structure and a holding shareholder of legal person, has the most rational corporate governance and the best corporate performance. In the second part of this chapter, the statistics methods are used for proving the relation between the structure of stock right and the corporate governance. The result has proved our assumption partly. Chapter four gives an applied demonstration in according with a part of the listed compan... |
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