Shareholders' Ultimate Control And Corporate Performance Analysis

This article is an empirical study about the relationship between ultimate controllingright and performance of Chinese listed companies. It starts from analyzing the influenceto the performance of listed company made by ultimate controlling right with differentinvestment methods and impropriation of capital, and tries to find the way that ultimatecontrolling right do with the performance. It also mentions the factors like industry andtime. There are four parts in this article.Chapter one is a summary of most of related articles about ultimate controlling rightwhich from different aspect to carefully study the ultimate controlling right.Chapter two firstly defines the concept of ultimate controlling right and ultimatecontrolling stockholders, then analyses the influence made by investment methods andimpropriation of capital to the development of companies, and then gives some relatedhypotheses.Chapter three does the empirical study. Firstly it describes the data, then observes therelation between every two variables, and then makes a formula to carefully study thefactors influenced the performance of companies.Chapter four concludes the results with doing test to the hypotheses.In the last part, it summaries the main results again and points out the shortcomingsin this article.The main point of this article includes that the ultimate controlling right held byChinese listed companies is very high, and the ultimate controlling right stockholders aremostly stated-owned departments. But recently it changes to be held by private companies.In order to improve the performance of companies, it should avoid choosing thecontrolling structure that there are some bigger controlling stockholders, and should reduceextra controlling right and reduce controlling right held by stated-owned departments.