Research On The Relations Between Ultimate Ownership Structure And Corporate Performance Based On Chinese Listed Manufacturing Enterprises

With the establishment of modern enterprise system,the research on the theory and practice of corporate governance has gradually become a research hotspot,such researches has also become an important factor to improve modern enterprise system and to increase corporate performance.Corporate ownership structure is the focus and difficulty of the research in this area.The logic of corporate governance research and corporate performance has gone through different development phases,from the principal agent relation between managers and shareholders to the principal agent relation between controlling and minority shareholders.Research on the agency relationship between management and shareholders is first raised by Berle and Means in 1932,the corporate governance research is based on agent relation between managers and shareholders,it has become the logic of corporate governance research and corporate performance,the basis of their theory is high dispersion of enterprise ownership.La Porta(1999)brought a new concept of ultimate controlling shareholder into people's eyes,their research has changed the conventional method of directly find the largest shareholder as starting of research,instead by tracing back the control chain of the controlling shareholder and find the Ultimate Ownership to study,their research shows many developed countries exit the ultimate controlling shareholder,unlike Berle and Means described highly dispersed ownership.Their research has shaken Berle and Means research paradigm guiding the logical starting point of ownership structure of related research changes to principal-agent problem of controlling shareholder and minority shareholders.In the field of corporate governance,the ultimate ownership structure increasingly become the focus for the researchers worldwide.The study sample of this paper is Shanghai and Shenzhen stock market listed manufacturing companies from 2012 to 2014 of 1007 data,ownership structure and corporate performance study is based on the perspective of the ultimate controlling shareholders.The first part firstly point out the background and significance and main contents of this paper.The second part of this study review and comments domestic and abroad research about the ultimate ownership structure and corporate performance,the purpose is to build a foundation for this study.The third part is the review of the property rights theory,principal-agent theory and control theory benefits,aims to provide the theoretical basis for the empirical hypotheses put forward,lay the theoretical foundation for the following analysis.The fourth part is empirical design part,the fifth part is the empirical results,section sixth draw conclusions and made several constructive recommendations on the basis of empirical research.The conclusion of this paper are as follows: The relationship between the ultimate control and the corporate performance is a “converse U” shape.showing a "synergy-trench" state,the turning point in 55.88% position;cash flow rights and corporate performance show a significant positive correlation;the degree of separation of ownership and corporate performance show a significant negative correlation,say the separation of ownership may damage corporate performance.introducing virtual variable to distinguish between state-owned and noon-state-owned companies,have conclusion as this: the impact of the separation of ownership on corporate performance,private enterprises was significantly higher than the state-owned enterprises.