Study Of Influence Of Reformation Of Stock Separation On List Company Performance In China

Reformation of stock separation is the method having to adopt for the market-oriented reforms in Chinese economic transformation period, which promotes the development of the market economy. But with the continuous deepening of reform and opening up, stock separation becomes the system shackle for Chinese securities market and listed companies further reform and development. In 2005, the government starts the reformation of stock separation. The reformation of stock separation creates conditions for further improving the governance of listed companies, so how to perfect corporate governance mechanism, improve corporate performance, becomes a new topic of the post-reform era.This paper introduces the origin of stock separation, the objection of shareholding structure and corporate governance in listed companies under the stock separation background, shows the necessity of the reformation of stock separation; Then summarizes the study status and interrelated theories of the reformation of stock separation, offering reference and theoric base for studying the influence of reformation of stock separation on list company performance of our country; On this basis, analyses the reformation of stock separation how to affect the shareholding structure and corporate performance by descriptive statistics, regressive analysis and theoretical consequence, and finds that the reformation of stock separation disperses the shareholding structure to a certain extent, and the reduction ratio of the first major shareholder holding stock and corporate performance is negatively correlated; Finally, this paper brings forward corresponding countermeasures for improving the governance of listed companies in China, from three areas of the internal and external management structure and protecting the small investor.