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Control structure and the relationship between long-term development of empirical research

Author: SunWeiZhang
Tutor: LiGuangFeng
School: Chongqing Technology and Business University
Course: Accounting
Keywords: organizational control market control Ownership concentration Tradable proportion Big shareholders properties
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 12
Quote: 0
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Abstract


Organizational control and market control are corporate two different governance patterns. The internal organization of enterprise apply themselves to enhancing corporate value through efficient allocation of resources. Usually these enterprises often pay more attention to the long-term development rather than short-term performance. Market control mainly by external supervision, the capital market liquidity model validity and stronger, produced a more active control market. Be takeovered in the control market and shareholders voting with their feet are two risk for managers. With formation pressure incentive and restraint, in this mode, the shareholder may be pay more attention to enterprise short-term performance such as stock prices or dividend distribution. China’s listed company has obvious organization control characteristics, this paper mainly studies how the long-term investment and long-term performance of China’s listed companies are influenced by organizational control factor which decided by ownership concentration, tradable proportion and the big shareholder’s nature.This paper first reviews the development of corporate governance, and compares the characteristic, advantages and disadvantages of Anglo-American model and Germany-Japan model. Finally, proposed organizational control and market control concepts according to the characteristics of Chinese listed companies. On a lot of the literature review, this paper puts forward two hypotheses that the organizational control degree is positive related with long-term investments and the organization control degree is positive related with long-term performance. This paper selects the 7565 listed company in five years between 2005 and 2009 as a sample. Firstly, the control mode factor is extracted by factor analysis, then the linear regression models are established and Descriptive statistics analysis , and finally by regression analysis, the models are tested and analysed.Tthe regression results support the hypothesis which mean that the higher level of organizational control, the higher fixed investment ratio, the better long-term operational performance.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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