The Difference Of Government Shareholding Forms And Its Empirical Analysis In Listed Companies

Firm performance and corporate governance of China's listed companies have attracted extensive concern in the domestic and international academe. However, most researches still stay on the level of comparing firm performance and governance structure between state-owned enterprise and non-state enterprise or state-owned share and legal person share. As a result, how to understand the function of the government shareholding in an all-round way, especially the impact of different government shareholding forms (GSF) still awaits to be deepened. The deeply research on this topic provides new ideas and reference for the current SOE reformation. As a result, this dissertation probes into the diversity of GSF and its effects in theories and empirically examines the influence of GSF from two aspects: firm performance and its relationship with executive turnover.In theoretical aspect, the diversity of GSF in China's listed companies is described. According to the diversity, the China's listed companies are classified and two different value-orientation direct-supervisors (government-orientation and market-orientation) are construed. What's more, the importance of market-orientation direct-supervisors is lay out by expounding the mechanism of GSF to firm performance and corporate governance.In empirical aspect, based on the diversity of GSF, the difference on firm performance in China's listed companies is investigated at first. Static research results show that performance of government direct-controlling enterprises is significant lower than that of other type of enterprises; firms experience higher growth when operating in markets with intense competition and the positive effect of competition is decreased by the presence of government-orientation enterprises. That is to say, there is complementary relation between the competition of production market and the ownership type. Dynamic research results indicate that the firm can't improve performance in 2 years after the changes from the government direct-controlling companies to no-government direct-controlling companies and an accounting earnings management happened along with the changes. A further analysis shows that short-time...