The Research On Ownership Structure And Governance’s Effect About Agricultural Listed Companies

Since reform and open, especially after China’s accession to the WTO, the economy of Chinahas achieved rapid development. Even though the all kinds of market development are not perfect,the international community has brought us many of the modern corporate governance theory. Now,most managers recognize that establishing modern enterprise system is important to improving theperformance of the enterprise, and to establish a modern enterprise system, ownership structure isindispensable, therefore it is necessary for us to study the equity structure of listed companies.As the leading enterprise of first industry in our country, agricultural listed companies play avital role. But at the beginning of the reform of our country, in the background of "heavy industryand light agriculture", agricultural listed companies develop not very well. Therefore based on thecorrect concept of corporate governance and the inherent law of the capital market, combined withChina’s unique capital market background, it is meaningful to research and build the perfect equitystructure for agricultural listed companies. In the aspect of theory, this study is helpful for thedeepening and development of the corporate governance theory, in practice, it is beneficial toimprove the level of financial governance of agricultural listed company.In this paper, agricultural listed companies in China as the research object, using the theoreticalanalysis, normative analysis and empirical analysis, literature analysis combining research methods,based on evidence agricultural listed companies2008-2012data, studied the overall situation, andfrom two aspects of ownership concentration and equity properties studied the agricultural listedcompany’s equity structure governance effect, including ownership concentration chose the first bigand top ten shareholders of shareholding proportion as explained variable, with executivesshareholding equity attributes as explanatory variables, through the SPSS correlation analysis, thendraws the following conclusions: one is the agricultural listed companies as a whole on a smallerscale, less attractive to investors, and equity concentration is higher, the executives shareholdingproportion is low, equity incentive mechanism did not play the corresponding role. Agriculturallisted company equity structure is not perfect; Second, agricultural listed companies governanceeffect of the proportion of the first largest shareholder presents inverted u-shaped structure, whilethe top10shareholders holding a positive governance effect; three is executives shareholding ispositive governance effect on the whole, but in different intervals of different governance effect. In view of the research conclusion in this paper, then the writer put forward the correspondingSuggestions.