Empirical Research On The Impact Of Large Shareholders Control To Corporate Performance Of Listed Companies Of China

The Equity Division Reform launched extensively in recent years, the listed company equity structure problems once again become the focused problem, while the research on equity properties gradually faded out, and equity concentration problem that means large shareholder control had become the key area of recent research. In addition, more and more listed companies in China under the situation of equity concentration, the relationship between the large shareholder control and corporate performance is fuzzy and without an unified conclusion in varieties of research, in this background, this thesis make a comprehensive and systematic research on the impact of the large shareholders to the performance of companies, considering the current situation and demand of Chinese listed companies, in order to put forward the suggestion that make the large shareholders play the incentive effect and reduce the effect of infringement, the thesis offers recommendations for listed companies to make the optimal design of the ownership structure, to protect small investors'interests and to improve the performance of companies.This thesis uses qualitative analysis as the theory basis for the impact of the large shareholders control to the company performance. On the basis of qualitative analysis, this thesis, by using the statistical data of the quantitative analysis of the listed companies in China, makes clear the large shareholder control situation, and uses the principal component factor analysis precisely define the listed company's comprehensive performance; Using the classification, contrast statistical analysis method, makes a preliminary study in the listed companies of China on the relationships between the Equity concentration, equity balance and performance of the company, combines the theory to practice, and provides plenty of basis for the empirical section. Finally for empirical testing of the theoretical results, uses quantitative analysis method's result as the evidence of qualitative analysis for inspection, through the use of modern statistics, financial metrology method: mathematical statistics describe, establishment of regression model, using techniques such as the whole objective data to prove views of the theory, draws the conclusion.The thesis includes five sections:The first section is introduction. Analyses the background of the listed companies of our country, and investigate the significance of the study; then reviews the references related to the large shareholder control; finally, brings up the main idea of these research and the framework of these research, elucidates the creative work in this thesis.The second section is about the analyzing of the large shareholder control's impact on the corporate performance. Elaborates the relationship between the large shareholder control and the managerial incentive, oversight mechanisms, investment behavior, agent competition; analyses the positive effect and the negative effect of the large shareholder affect on the corporate performance.The third section is about the current situation analysis of large shareholder control and corporate performance. Makes use of the statistics data to analyses the current situation of the listed companies in shareholder control. And makes use of the main factor to reflect the unified performance of listed companies; using the statistics method like classification and comparison to investigate the relationship between the state of the equity concentration degree & equity balance degree and corporate performance.The forth section is about empirical test. At the beginning of this section, introducing the study assumption, variable fixing, choosing samples and model fixing, all of those above are preparing for the empirical test; then describes the characteristic of the sample, analyses the empirical test, according to the data from the sample companies, analyzes the impact of large shareholder control affecting on the corporate performance.The fifth section is about the empirical conclusion and suggestions. According to the process of empirical and considering the theory, based on the conclusion and the current situation of the listed companies, this thesis gives some reasonable and practicable suggestions.The main Innovative points in this thesis are:1. Avoids the situation that use the oversimplified data and twist the objective fact, this thesis adapts the principal components factor analysis which uses the several main facts to calculate the corporate performance.2. In respect of large shareholder control, the thesis chooses some aspects like equity concentration rate and equity balance rate to study, considering the problems of the prevail way of the classification of equity character under the situation of The Equity Division Reform.