Research On The Financial Performance Of The Listed Companies Without Actual Controller In The A Share Market

The company law of China stipulates that the actual controller refers to the person who can actually control the company's behavior through investment relations,agreements or other arrangements,though not a shareholder of the company.The positive role of the real controller in China's listed companies is not to be overlooked.However,due to various reasons,there are a number of listed companies with no actual controllers in the A share market,and the number is increasing.The stock ownership structure of these listed companies is relatively scattered,because the single shareholders can not completely control the company and are often coveted by the "barbarians" outside the door.In the field of corporate governance,an important research perspective is the impact of the ownership structure on the performance of the company.A reasonable ownership structure can effectively restrain the agent of shareholder rights violations,can realize effective supervision on the agent,can reduce agency cost and improve the company's financial performance.However,the unreasonable ownership structure will increase the supervision cost and have a negative impact on the company's financial performance.The emergence of listed companies without real controllers is a new situation in recent years.Their ownership structures are quite different from the traditional ones.Whether the ownership structure has an impact on the company's financial performance is worth studying.By studying the relationship between ownership structure and corporate performance of A share market in China,We can propose a governance proposal for a company whichwithout a real controller,thus improving the corporate governance structure of the listed companies.This paper is based on the research perspective of the listed companies without actual control.Through the study,we summarize the basic status of the listed companies without practical controllers and the relationship between the ownership structure and the financial performance.At present,there are three characteristics of the listed companies without actual controllers in the A stock market in China.They are the number of companies is increasing,the distribution of the industry is scattered,and the ownership structure is relatively scattered.Based on reading a lot of related literature,this paper takes all the listed companies in the A share market as the research sample and the financial data in 2017 as the data source.This paper uses factor analysis to calculate the comprehensive score of the sample's business performance as the explanatory variable.In addition,it takes the ownership concentration degree,the balance of equity and the nature of equity as the explanatory variables.and build the model to prepare for the empirical research stage.All of this is to prepare for the stage of empirical research.While conducting this empirical study,this paper first makes a descriptive statistical analysis of the ownership structure of all samples,then examines the correlation between ownership structure and corporate performance by Pearson test.Finally,it conducts a regression analysis of single factor and multiple factors.The results show that the ownership concentration is positively related to the performance of the company;the relationship between the balance of equity and the company's performance is inverted "U";the proportion of corporate shares is positively related to the performance of the company;the increase in the share of the public shares will have a negative impact on the company.