A Study Of Pyramidal Ownership Structure Of Different Listed Ways Affecting Performance Of Companies

Pyramidal ownership structure which is a common form is a special ownership structure, and it is an important factor affecting the performance of the company. Pyramidal ownership structure and performance of the area of corporate governance has been a hot issue.In this context, to explore the private market through different channels pyramidal ownership structure of structure of listed companies on the performance effects of internal influences. It has great significance to the healthy development of China's listed companies, and even the capital maket's long-term stability and prosperity.This paper regards listing of each IPO and BS class private pyramidal ownership structure of listed companies as samples, from the ultimate control of the cash flow rights, control rights and cash flow point of separation of power, using empirical analysis and SPSS software, studies two types of pyramid ownership structure and corporate performance correlation by the multiple regression analysis. Screening of samples by analyzing the data, we obtain the following main conclusions: IPO ownership structure pyramidal class listed private companies cash flow rights and the separation of ownership and degree of increase is conducive to raising the level of performance, and BS pyramidal ownership structure class separation of ownership and private listed companies will increase the degree of negative impact on performance.Compared with previous studies, this paper presents a classification study, and tries to use the principal-agent theory and stewardship theory to explain the two types of modern business behavior and performance of the company's relationship, which private companies for deepening the pyramidal ownership structure and performance of have some reference.