China's Electronic Information Industry Listed Company Equity Structure And Performance Studies

Since the separation of ownership and management rights, the relationship of corporate ownership structure and business performance has become a hot topic in economic field.This topic is based on the Principal—agent theory and Incomplete contract theory from property rights economics and business theory, but the emergence and development of the new theories clue people on expanding research methods'on the subject.This paper attempts to re-exarnine the relationship of ownership structure and performance from the view of the life cycle theory and the contingency theory of corporate governance. As the industry characteristics affect the choice of optimal ownership structure, so we only select highly competitive market-chinese electronic information industry as the research object.This topic can provide an idea to reality that:whether could or how to change the ownership structure to improve company performance.As the improvement of capital markets in china and the establishment of modern enterprise system and the expansion of listed companies, the relationship of ownership structure and corporate performance is getting more important. As a long-term research project,study on ownership structure and corporate performance is constantly moving forward, the angle of its research and technology updates continuously improve the issue.If we can the corporate life cycle from the perspective of understanding the complex relationship between ownershipstructure and corporate performance, undoubtedly that it can provide a new way of thinking how to improve our equity structure of listed companies and then improve performance.In the first chapter, the previous studies were reviewed and summarized to find out the consensus has been formed and identify. So we found a place where can be improved-Select an industry to study from the perspective of the life cycle.ChapterⅡof this paper introduces the theory that base on, mainly including Principal—agent theory, incomplete contract theory, life-cycle theory, contingency theory of corporate governance and market structure theory.The third chapter analyzes Chinese electronic information industry, primarily analyzes the competitive and risk of this industry.Characteristics of the electronic information industry sector determine its ownership structure characteristics.The function of ChaptersⅡandⅢis to provide the basis for a hypothesis in ChapterⅣ.ChapterⅣfirstly proposed a series of hypothesis that what kind of relationship exists between ownership structure variable and performance.Then post the empirical analysis. Here we uses the descriptive statistics, panel data models and cross-section model of adding the life cycle variable.The empirical results are consistent with assumptions, and the results have the characteristics of Chinese and the industry.According to the empirical results, Chapter V makes several suggestions to the listed companies in china.Finally, it gives two limitations of this paper, so points out a direction for the future study to improve.