The Distribution Of Listed Companies And Corporate Performance Study

With the innovation and development of the modern enterprise system, financial theoriesbecome blossom. At present, many scholars focus on the financial governance, since financialgovernance can ensure the effectiveness of corporate governance and improve the efficiencyof corporate governance which plays an irreplaceable role in the governance structure of themodern corporate finance. The most important part in the financial governance isconfiguration of company property rights. Modern corporate finance is not only reflected inthe relationship between the governance systems for the economic links, but also theContractual relationship. The financial objective of the contract is making property rights ofall relevant stakeholders clear, avoiding the low efficiency of the dispute. This is the key issueto be resolved by the financial governance structure of power configuration.At present stage, there are still many problems about the financial governance of listedcompanies in China, especially in financial governance mechanisms, such as creditors,employees of the company based on financial governance mechanisms are not perfect. Majorshareholders always ignore the will of the minority shareholders, what is worse, the financialconstraint mechanism has not been fully exploited, and these problems eventually affected thevalue of the company. Therefore, the research of the property rights is very important, whichis not only beneficial to the listed companies in China attaching importance to thereasonableness of property right configuration, but also helps investors to consider investmentdecisions from the perspective of property rights configuration.The domestic and foreign scholars have done a lot of research about the companyfinancial power configuration, but most of them are concentrated in the study of corporategovernance, analyzing the company’s property rights configuration, while the attention doesnot specifically put on the company’s property rights configuration system. This article isbased on the basis of previous research, using "stakeholder theory" system to analyze listedcompany financial power configuration, as well as how property rights configuration makeimpact on corporate performance.This study absorbs domestic and foreign experts and scholars on the research of propertyrights configuration, combined with the currently popular "stakeholder theory", dividing thecompany’s property rights into two types: one is related to internal governance main,including the major shareholder, directors, managers, supervisors, employees, the other isabout a class of external governance bodies, including minority shareholders, the government. Then based on game analysis, and property rights conflicts between the major stakeholders inthe company financial power configuration mechanism on firm performance, we use thestatistical models to design an empirical study, panel data regression of Shanghai A shares of360listed sample companies analysis, and the empirical results show that there are significantproblems of China’s listed companies in the property rights configuration. In this paper, wecombined the empirical findings and our current national conditions, in order to better addressthe company’s property rights in the configuration, providing a number of policyrecommendations on the basis of previous research.