終極產(chǎn)權(quán)論、股權(quán)結(jié)構(gòu)與公司績效.pdf

1、重慶大學碩士學位論文終極產(chǎn)權(quán)論、股權(quán)結(jié)構(gòu)與公司績效姓名：吳靜申請學位級別：碩士專業(yè)：產(chǎn)業(yè)經(jīng)濟學指導教師：張衛(wèi)國20040601重慶人學碩士學何論文英文摘要ABSTRACTOwnershipstructureoflistedcompaniesisveryimportantcomponentofcorporategovernanceThispaperfirstlydeeplyanalyzestheownershipstructureofCh

2、ineselistedcompaniesTheresultshows虹latthetraditionalclassificationofownershipstructurehassomedrawbackItearl’tobjectivelyreflecthowgovernmentcontrolslistedcompaniesBasedontheanalysesabove，thispaperreclassificationtheowner

3、shipstructureofChineselistedcompaniesaccordingtotheprincipleofultimateownership，thenempiricalstudieshowownershipstructureoflistedcompaniesinfluencescorporateperformancefromsuchtwoangles：intensivedegreeofshareownershipand

4、ultimateshareholders’propertyTheempiricalresultshows：(1)Thewayhowthestatecontrolslistedcompanieshasdevelopedtoindirectcontrollingfeaturedaspyramidshareholdingschemes，andsuchpyramidshareholdingschemesisverycommoninChinese

5、listedcompanies(2)Chineselistedcompanies’ownershipishighconcentratedandtheregressionparameterbetweenintensivedegreeofshareownershipandcorporateperformanceissignificant(3)Inthemixedsampleandtheelectronicindustrysample，the

6、proportionofstateultimate—ownedshareandnon—stateultimateownedsharesignificantlyrelatedtocorporateperformanceButinthesampleofpublicutilitiesindustryandbusinessindustrythereisnosignificantcorrelationshipbetweenownershipstr

7、uctureandcorporateperformanceThispaperalsocomparesandanalysestheperformanceofstate—ultimatecontrolledlistedcompaniesandnon—stateultimate—controlledlistedcompaniesOnthebaseoftheamylaseabove，thispapergivessomecorresponding