Ownership Structure And Corporate Governance Of Empirical Analysis

The main character of modern corporations is to finance in capital market. Because of financing, the owner and the governor are not the same one. The managers are engaged to manage the production of the corporation by the owner. And the aim of their action is to make the benefit of the owner larger. The interior structure, i.e. the ownership structure of the corporation determines the efficiency of the operation. The ownership structure is an important part of corporate governance. It infects the operation, M&A, dealership competition and inner supervision through some certain process mechanism. An appropriate ownership structure helps to establish an effective corporate governance structure. So to build a rational ownership structure is the first step to improve the corporate governance structure.There are four chapters in this thesis totally.Chapter one is the theory foundation of this thesis. This chapter firstly introduces the definition of ownership structure, analyzes and concludes different ownership structure forms from the point of ownership structure mechanism. And then we review the precious researches on the relationship between ownership structure and corporate governance.Chapter two analyzes the actuality of the ownership structure in recent capital market in China. Statistics research and comparison on a series of market data have been used to discuss the ownership problems of present domestic corporations. The result is that high state stock proportion, low floating stock proportion and centralized ownership lead to inefficiency of the corporations.Chapter three discusses the infections of this result to corporate governance. Firstly, we qualify the researching corporations and variations. Then theoretic hypothesis is listed to describe the relationship between the ownership structure and corporate value. The multi-variation regression research to the panel data shows that there is a significantly positive correlation between corporate stock and corporate value. Same to floating stock and corporate value. And there is a significantly negative correlation between the degree of stock concentration and corporate value.The next and last chapter is the result of this thesis. On the foundation of the demonstration research before, we conclude the inner disciplinarian of the corporations in domestic capital market. Some advises and designs are given to improve the corporate governance as a finality of this thesis.