| Unit circulation and the presence of a large number of non-flow units of non-controlled only by a few major shareholders ownership characteristics with Chinese characteristics is the high concentration of equity liquidity. This led directly to the corporate governance of listed inefficient, operating behavior was not standardized, and easy-induced decline in corporate performance by major shareholders damage the interests of small shareholders. Some scholars have advocated increasing domestic equity financing on the high concentration of shares of listed companies mobility and the entire industry to solve the state share reduction of the high concentration of China's unique mobility status, thereby enhancing corporate performance. However, my mobility is a high concentration of shares in the listed company governance biggest mistake? To increase equity financing on the high concentration of shares of listed companies mobility companies can enhance performance? Whether the entire industry to sell state-owned shares? This article attempts to explore these theoretical issues and empirical studies.The adoption of theoretical research and empirical analysis methods to 2000-2004 Shenzhen Stock Exchange listed companies to disclose all the data for the annual report samples, try using a data-based panels linear regression model approach to the analysis of the operating performance of equity liquidity impact, On the whole industry, (including manufacturing) : uphold state share reduction for major measures to improve the liquidity of shares will help increase company performance; Our current market share is highly concentrated developmental mechanisms and regulatory environment and the degree of perfection make reasonable choices, and help to enhance company performance; Particularly on the manufacturing sector : increased transfer of corporate shares limited to equity ratio of the shares can be more effective to improve mobility, and help to enhance company performance. |
PDF Full Text Request