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The Degree of Control and Performance of Chinese Listed Companies

Author: ZuHe
Tutor: WangZuo
School: Zhejiang University
Course: Finance
Keywords: Control over Degree of control Ordinary resolution Special resolution Corporate Performance Control over the checks and balances
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 99
Quote: 0
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Abstract


Of control is one of the core issues in the theory of corporate governance , but also research scholars generally concerned about the problem . Control of the company by the possession of a large proportion of the company's shares , which are legally entitled to the rights in the decision-making operations , day-to-day management, and financial policy of the company . Reflected in practice , is the ability to control the voting results of a shareholder of the company for the shareholders' meeting resolution . This study suggests that the size of the control over the company's largest shareholders in a special shareholders' meeting resolution mechanism with respect to the right to control the ordinary resolution , better able to reflect the largest shareholder control over the overall situation . This paper uses the latest measure of shareholder control over , ( 1) the largest shareholder of the listed companies in China in the ordinary resolution of the shareholders' meeting and a special resolution under the control of the size measure . And in accordance with the the SFC industry classification summarized the characteristics of the control of listed companies in 12 industries in China , the largest shareholder in the ordinary resolution of the shareholders' meeting mechanism and the special resolution mechanism ; (2 ) based on the results of control measure further through the panel data regression model to study the relationship between a special resolution of the company 's largest shareholder control over corporate performance , concluded : the largest shareholder of a special resolution of control , there is an optimal value makes the company's operating performance maximization. That is , the structure of the control of the company there are a certain amount of control over the checks and balances are necessary , simply increase or decrease the the largest shareholder control over the size of the company's operating performance disadvantage , and this result is independent of the Industry Classification . ( 3) in terms of policy recommendations , the authors will focus on the special control rights of the shareholders of the Company . Presented the company with the optimal value should be based on the size of the control of a special resolution of the largest shareholder relations, by adjust the company 's largest shareholders control over the special resolution to change the size of the effective control of the company 's share , which can effectively improve the company operating performance . At the same time to improve , but also from the perspective of financial indicators in order to better promote the future development of the company .

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