|
The Reform of dual-class equity is an unique incident in chinese capital market, therefore it does not have researches on this aspect in abroad. As a result, the research on the relation between the Reform of dual-class equity and the company Performance is an extremely important aspect and hot spot problem in the study of company governance structure According to the annual data of 209 listed companies reformed in 2005, to take account of the ability of dividend-earning, the ability of growth, the expand ability of capital stock, and the security of financial affairs in future,this paper chooses six performance indicators contains of earnings per share, net asset per share, net asset earning ratio, host business income growth rate, host business profit rate and reserve funds per share to study the impact of Share -trading Reform on corporate performance.The paper contains five sections, first introduced the background and the significance of this article, summarized documents at home and abroad in the areas of equity structure and company governance and brought up the method,tought framework of the research;Then in the second chapter, it analyzed the influence of the Reform of dual-class equity on equity structure and company governance on the basic of theory and brought up two hypothesis:the results indicators has no remarkable difference before and after the reform of dual-class equity structure; the reform of dual-class equity structure has no remarkable improvement on the results indicators; The third chapter introduced the principles of the selected indicators and the sources of the data, and the method of empirical study,first adopted Kolmogorlv -Smirnov Z to test if the indicators conform to the normal distribution,yes,use Paired Simple T test,or else use Wilcoxon Signed ranks test;Chapter IV took empirical study on the listed companies reformed in 2005, the result of empirical study show that the performance indicators not only did not significantly increase, but significantly decrease, which indicated that Share-trading Reform has a negative impact on corporate performance. The last part of this article is the conclusion, discussed the results of negative impact on corporate governance due to the Reform of Dual-class Equity Structure,furthermore, brought up shortcomings of the study.The innovation of this article is about two aspects:first, in the method of test, use Kolmogorlv -Smirnov Z to test if the indicators conform to the normal distribution,yes,use Paired Simple T test,or else use Wilcoxon Signed ranks test;second, provided new evidence on relationship of Reform of Dual-class Equity Structure and performance of listed company according to new data.
|