The Impact Of The Single Shareholder On Corporate Performance:"Benefit Synergy" Or "Tunneling" Effect?

Shareholder governance is the basis of corporate governance,the impact of single shareholder on company performance is a hot issue in corporate governance research.Although there are many existing literatures on the impact of single shareholder on company performance,it has not yet reached a consensus conclusion.This paper believes that when a company has a single controlling shareholder,it will damage minority shareholders' interests or keep in line with the interests of minority shareholders may be affected by whether the amount of shares held by them is large enough.There are significant differences in the roles of major shareholders in different companies with a single controlling shareholder.However,the existing literature study the existence of a single controlling shareholder company as a whole,and there are inadequacies.Therefore,compared with the existing literature,this article has the feature that the company that has a single controlling shareholder is divided into a company with a single controlling major shareholder and a single non-controlling large shareholder.The major shareholder of the company compares the governance effects of the company's performance and expects that a more meaningful conclusion can be drawn on the establishment of the equity structure of the listed company and the governance of agency costs and the improvement of the company's performance.This paper uses the data of Chinese A-share listed companies from 2007 to 2016 to limit the sample to companies that have a single controlling major shareholder,multiple non-controlling large-shareholder companies,and companies that have a single non-controlling shareholder.To compare the effect of a single controlling major shareholder,a single non-controlling major shareholder,and multiple non-controlling major shareholders on the performance improvement of the company,and to examine the role of the nature of property rights and the process of marketization in the governance of a single controlling shareholder with the lowest agency cost.The empirical test results show that:(1)Compared with having multiple non-controlling large shareholders,when the company has a single controlling large shareholder,its role in corporate governance is better,and the company's performance is higher;(2)Compared to having multiple non-controlling large shareholders,when the company has a single non-controlling large shareholder,has poor corporate governance and lower corporate performance;(3)Compared with state-owned enterprises,the single controlling large shareholder in private enterprises have better governance,higher performance;(4)In the private enterprises,compared with the less market-oriented areas,the single controlling large shareholder in the higher marketization process has better corporate governance performance 'and higher performance.This article supplements the relevant literature on the impact of shareholder structure on company performance,which is conducive to optimizing the shareholder structure of listed companies,and also helps improve the company's entrusted agency issues to enhance the company's performence.