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Research On The Influences Of Split Share Structure Reform On Listed Companies Performance

Posted on:2013-11-24Degree:MasterType:Thesis
Country:ChinaCandidate:Y S GongFull Text:PDF
GTID:2249330374479655Subject:Management Science and Engineering
Abstract/Summary:PDF Full Text Request
With the growing of economic globalization, The basic completion of split share structure reform, China has entered an era of inclusive circulating shares. This great innovation in the capital markets solved the lack of enterprise reform funds successfully. However, because of the typical capital market structure in China, the means of effective corporate governance which are formed under split share structure will fail after the division. The phenomenon of "insider control" may occur under the new situation. These will hinder the healthy development of securities business. Effective corporate governance is not only a framework of the company’s modern enterprise system, but also an important safeguard of enhancing enterprise market competitiveness. The level of corporate governance affects the business performance and long-term development directly. Since China joined WTO, the competition among enterprises became more intense. The position of enterprises in international competition will directly affect the development prospect of economy and enhancement of synthesized competitiveness in China. Bringing market effects, meanwhile will split share structure reform have a positive impact on the performance of listed companies? This is the focus of this research.Split share structure reform is realized by such a transmission mechanism, which is optimizing the company’s equity structure, thereby improving the governance structure of listed companies, and ultimately promoting the performance of listed companies. This paper first made a literature review, and then described the corporate governance structure, corporate performance and split share structure reform theories. Under the background of split share structure reform, this paper used the method of the combination of standardization research and empirical research. Taking the listed companies in Jilin Province as example, this paper did empirical research about the influence of listed companies’ administration structure on corporate performance after split share structure reform. Taken the data from2004to2010as samples, this paper adopted the method of duplicating fixed samples. Through the establishment of multiple linear regression models, the author believed that the equity structure of listed companies became more and more optimized after split share structure reform. Finally, according to the research results, this paper will put forward some reasonable proposals and responses.
Keywords/Search Tags:Listed companies, Split share structure reform, Corporate performance
PDF Full Text Request
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