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A Study on the Impact of Company Performance Effect over Controlling Shareholders Funds Used

Author: WeiYuQin
Tutor: LiZhiGang
School: Jilin University
Course: Accounting
Keywords: Large shareholders funds used Operating performance Ownership Concentration The proportion of independent directors
CLC: F276.6
Type: Master's thesis
Year: 2011
Downloads: 75
Quote: 0
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According to rough statistics, China's largest shareholder funds used actual amount is about one hundred billion yuan. Past decade listed companies through the listing of the total amount of financing is only one trillion yuan, which indicates that nearly 10% of the funds listed companies in this regard \. Listed companies delisting survey found that one of the major shareholders funds used their common characteristics. Moreover, the prevalence of most of the listed companies in China due to the dominance of \The transfer of resources from the behavior of the major shareholders will cause many adverse consequences, in addition to the infringement of the interests of minority shareholders, but also to become the country's economic and financial development of the barrier. The largest shareholder of the funds used behavior may be induced by the Southeast Asian financial crisis in 1997 one of the elements (Johnson, 2000); occupation of the behavior of the large shareholders' funds not only be listed on the company's comprehensive quality impact, but also the accuracy of the information disclosure of listed companies sex cause interference. Currently occupied by large shareholders and corporate performance, at home and abroad just an indicator of the company, and there is no comprehensive consideration of the indicators, but specifically for the research of China's manufacturing industry listed company less. Major shareholders of listed companies in China's manufacturing industry accounted for Research models and corporate performance is kind of how it? Big Shareholders of the influencing factors, what does?% Of models the behavior of the consolidated operating performance of major shareholders, they presented What kind of relationship do? from the performance of the company, ownership concentration, the proportion of independent directors, the equity balance degree, the size of the company, the nature of property rights angle to illustrate the large shareholders accounting for the impact factors of the models, and the largest shareholder funds used for the explanatory variables using principal component analysis derived consolidated results of the Company (This article by IAOP), ownership concentration, the proportion of independent directors as explanatory variables; come to the following conclusions: (1) The listed company operating performance ability at different levels, different models accounting for the behavior of the major shareholders, presented inverted N-type relationship between the two. When the listed companies in the manufacturing sector IAOP lt; -0.67 when, major shareholders and the operating performance of the manufacturing listed companies IAOP is negatively correlated with the reduction of the IAOP, in order to reduce the loss may be bankruptcy, the largest shareholder accounting models increased; When the IAOP ranged from -0.67 to 1.43, the largest shareholder with the increased performance of the company and increase manufacturing listed company funds used; IAOP is greater than 1.43, a big manufacturing company by its shareholders The funds used will reverse the changes in the relationship, the lower the better, Big Shareholders of the company's operating performance. (2) Ownership Concentration and the nature of the shareholders and manufacturing companies in the market share of subsection behavior is a significant negative correlation between the equity interest in the highly concentrated inhibit behavior occupied by the controlling shareholder of the company funds. The proportion of independent directors on the largest shareholder accounting models did not significantly affect the role, but also the establishment of our independent directors did not play a key role in constraint of the governance structure of the board of directors still need a strong improvement.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company
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