Empirical Research On Chinese Private Capital Company Structure Of Shares And Performances

Recently, the development of private capital company of our country is fierce. It has already become the importance part in our national economy. In the quest of development of the company that runs by private capital, we have found that not only the companies develop well such as Guangdong Meidi etc., but also the companies eliminate through contest such as the giant group and hundred million Anne science and technology etc. The companies which run by private capital, especially the run of the private capital companies have been caused the concern in the industry gradually. Therefore, in this article, I selected 133 local companies which run by private capital as samples to study the relation between the ownership of a share structure and the management results.Firstly, the writer review the literature of our and foreign countries about the ownership of a share structure and the management results of the system from the angle of attribute, the ownership of a share concentration degree and intramural person holding share. At the same time, I also pay attention to research which regards the domestic private capital companies as the sample. In academic analyze, I get the results that"The achievement of the company that the ownership of a share appropriately concentrate management the results is better than the company that ownership of a share scatter"through the analysis of attribute, the ownership of a share concentration degree and management achievement.Then,I study the relation of the ownership of a share structure and management results by using statistical examination and recursive analyze method from the angle of attribute and concentration ownership of a share degree, ownership of share circulation and intramural person holding share. The research indicate that state share proportion and management performance display negative relation; Circulating share and management performance display negative relation; corporation share and management performance display"U"relation; The ownership of a share concentration degree variable"H"index,"Z"index number...etc. and management performance display positive relation; The biggest shareholder holding proportion and management performance display converse"U"relation;We get the result that share circulation and management performance display negative relation; Take" Guangdong Meidi" as example, we get result that intramural person holding share and management performance display positive relation. In addition, in this text I still study the influence of the MBO on management performance.At last, according to research conclusion, I put forward to establish the more reasonable ownership of share structure, the policy suggestion that perfect the companies which run by private capital.