Arelation Studyon Zhejiang Private Listed Company Between Characteristics Of Pyramid Equity Structureand Company Permance

Ownership or equity structure are hot research topics in recent decades, especially La Porta et al in 1999 proposed the concept of"pyramid equity structure", the research about pyramid equity structure had increasingly increased. Scholars mainly followed the research paradigm of "why–what- how", focused on formation and the impact of pyramid equity structure, and made a lot of research results. In the research field of pyramid equity structure to company performance, there's a lot of disagreement between at domestic and abroad, and it was connected with different sample selection and sample company in the different system environment. At the same time, domestic scholars had not much research on pyramid equity structure of private listed companies, and even rarely from the perspective of regional points, therefore, it's necessary to analyze the relation between pyramid equity structure of private listed companies and company performance on the base of considering regional influence.This paper is aimed to private listed companies in Zhejiang province, around pyramid equity structure of Zhejiang private listed companies, focuses on the analysis of control right, ownership and separation, pyramid equity structure characteristics of vertical hierarchy,longitudinal span,listed companies in which position and so on, and through theoretical analysis and empirical analysis, verify the relation between pyramid equity structure characteristics of Zhejiang private listed companies and company performance.The main research results show that: the ultimate controller's control right and company performance present cubic of nonlinear relationship, their concrete relationship in the form of "synergy-dug--synergy", and inflection point respectively in 37.48% and 44.06%; the ultimate controller's ownership and company performance have positively related, but rights separation don't significant lower company performance; vertical hierarchy of pyramid equity structure has influence on company performance, and will lower company performance with the increase of vertical hierarchy, listed companies' position in pyramid equity structure has influence on company performance, but longitudinal span of pyramid equity structure has no significant influence on company performance; the ultimate controller's internal structure has no significant influence on company performance; whether the persons participate in management also have no significant influence on company performance.