The Research Of The Relationship Between Control Allocation And Governance Efficiency In China's High-tech Listed Companies

Allocation of control rights is the key to a company's governance efficiency. In the area of company administration studies, it mainly contains two aspects: the allocation status, performance, and value of the company control rights and the factors of company control rights, and that is the transfer of control rights market. Control right market is the external mechanism of the company performance effect. And the control right allocation is the inner mechanism. To some extent, the external mechanism relies on the inner mechanism.Every transfer of control right means the reallocation of the company control and it will affect the company's governance efficiency.We may say that the proper allocation of control right is good to improve the company governance. And in a long run of view, the realization of company profit improvement is through the change of company control right. The control right allocation is also closely connected with the company efficiency management. Thus, as for how to realize the balance of rights, the protection of the investors'right, the improvement of the company efficiency, are worth a much closer study.The thesis focuses on the relationship between control rights allocation and governance efficiency in the High-tech listed companies. At present, in China, we are facing the change from manufacturing enterprises to innovative enterprises. Science and technology is as the primary productive force. And take into consideration of the characteristics of science public companies like high-risk and high-income. The essay will take into consideration the China's actual situation, on the theoretical basis of the characteristics and status of the science public companies control right, discusses the relationship between control rights allocation and governance efficiency in the High-tech listed companies. so as to promote the effective allocation of the control right in the science public companies.the thesis first discusses the theory of control rights, corporate control rights related concept of company differentiates, the connotation, the control characteristics of control are discussed, and then analyzed the corporate control allocation form. Then on the corporate governance efficiency expounds connotation and evaluation method based on science and technology enterprises, and the characteristics of technology-based listed companies control allocation of characters and present situation, the thesis studies the allocation and governance efficiency control theory relations. Finally, through choosing a certain number of high-tech listed companies as the samples to study Chinese listed companies control allocation and governance efficiency, and the relationship and how to improve the listed company control allocation problem was put forward.Through empirical test shows that the governance efficiency of the High-tech listed companies will be positively affected by the proportion of shares held by the largest shareholder, the proportion of shares held from the second largest shareholder to the fifth largest shareholder , the proportion of the shares held by the chief executives, the scale of the independent director. However, the governance efficiency of the science and technology company will be negatively affected by the ratio of the proportion of the largest shareholder and the proportion of the second largest shareholder, the ratio of the board of the directors scale, the character of the controlling shareholder and whether the chairman and CEO is the same person.