Ownership Structure And Performance

The research of ownership and performance relation has been the key content of the company governance theory all the time. By the look of essence, it is the contract assigning about ownership that the company has managed in fact, correspondence of asking for right and control power of surplus that its key question is to realize through choosing to arrange in appropriate agreement, so as to ensure the decision efficiency of enterprises. Enterprise's ownership reform taking from setting up modern enterprise system, modern property relations as goal of our country has promoted the enormous development of national economy, but the effect brought of structural adjustment of enterprise's ownership is not the same in all parts: The eastern area has got the valid supplement of other non-public economic sectors while cutting down the state-owned enterprise, therefore has kept the good momentum of economic development, but the reform of the state-owned enterprise in middle and western areas, because the area develops environmental impact, non-public economic sector development is not as good as the eastern area, thus make the development among the areas present obvious disparity. It is this kind of peculiar progressive economic transition way in China and regional differences formed that make us have to consider that enterprise's ownership structure is fitted under this condition arrange the new characteristic that may exist that the performance is influenced correctly, namely the regional economy which China has formed since economic transition, society, may make question this in to work out the new conclusion that study different from the past.This thesis regards background of economic transition of our country as the prerequisite of studying, in economics of analyzing the property right theory , making the transition and on the foundation of the relevant theory that the company manage, etc., the suitability condition of probing into property right theory and company and managing the theory, has studied the environmental impact on enterprise's ownership structural adjustment of economy of making the transition, combine it to the economic transition characteristic of our country and regional analysis of producing the reason of difference, have set up the regional enterprise's administration structure of environmental impact of development and theory of enterprise's performance level and analyzed the frame tentatively, have put forward enterprise's ownership structure of our country and arranged to influence the theory hypothesis with regional difference to the performance clearly, and regard 910 listed companies in our country as the sample of studying, use the panel data method of micro econometrics to having regional economy, the ownership structure influences the regional disparity appeared to carry on the positive research to the performance under the society and innovation environmental difference condition, have made the following innovative achievement:â‘ This thesis establishes the index of regional environment, has set up the new economic model of measurement. In analyzing the regional relevant index foundation that may influence the company performance level, have considered that regional index, such as economy, society, innovation, etc. structure the regional environment and develop the index, regard it as the environmental variable, has set up the new regional environmental impact company's stock right structure of analysis and random effect of the performance and measured models.â‘¡Have set up the big sample panel data set in a great deal of variables, such as regional environment, stock right structure and performance index of 910 companies, etc. from 2000 to 2004, adopt the feasible generalized least squares method (FGLS) to estimate. And the study on ownership structure and performance relation usually uses the sectional data (Cross-Sectional Data) at present, adopt the ordinary least square method (OLS) to estimate. Because the observed value which the sectional unit clicks while giving definitely that the sectional data are partial to paying close attention to the thing, lack and carry on the following and observing of specific period to the sectional unit, therefore will omit the sectional unit and link the important information that may include on degree in time. Can catch the heterogeneity that the micro individual may appear in the intercept or the slope through establishing the proper model in panel data, thus strengthen the correct restraint heterogeneous to coefficient and contribute to improving the efficiency of estimating. Compared with ordinary least square method (OLS), the estimation of the random effect model of the feasible generalized least squares method (FGLS) is more effective.â‘¢The Empirical analysis indicates that the comprehensive performance level of listed company not merely relates to stock right structure, and it is remarkable and relevant to live in the regional economy, social and innovative development environment with it, the regional environmental difference is that company's stock right structure influences the important reason which presents the regional difference to the performance. Different with the existing research conclusions that generally hold a negating attitude to state-owned stocks, this text analyses through the real example that finds, the greater the east, negative effect on the comprehensive performance the higher in specific gravity of state-owned stock of listed company of middle part are, but influence the more greatly to the front of the comprehensive performance high in the proportion of the state-owned stock of western region, the state-owned stock is playing an important role in the western regional economy. The thesis thinks that should be with treat with certain discrimination according to the regional development environment to the function of state-owned stock of listed company, can't treat as the same. Because regional gap of development is stored in, our country should develop the angle to carry on new close examination to the function of the state-owned stock from the area, give full play to state-owned stock front stored in influence in western economic development, and set up and perfect the corresponding company administration structure on this basis.Finally, the thesis has been studied and looked forward to on the future of this subject on the basis of summarizing above-mentioned innovative achievements, and has put forward the positive policy recommendations to the thing that how to perfect the company administration structure in conformity with the regional economy of our country, society's development level.