Shareholders’ Assembly Behavior And Company Performance

Shareholders of the General Assembly as one of the key corporate governance structure, Corporate governance is an important decision-making. Therefore, the establishment of a standardized and efficient general meeting of shareholders for corporate governance to enhance the efficiency of enterprises is critical.From now all the domestic and overseas scholars about the study of shareholders, focus mainly on the content of the shareholders’ meeting, and to form the behavioral studies have few touches.Effective shareholders will perform its function, and influence performance. Combined with literature study, this paper argues from the following aspects:1. The number of shareholders’ meeting of shareholders, the part number of shareholders’ meetings of shareholders how many belong to act.2. The shareholders attending shares, massive shareholders attending shares provide a multi-angle decision-making consultation, helps enterprises to acquire the necessary resources, lead company business direction, and avoid the risk of parts can be avoided.3. Annual measure approved by the number of bills reflects the shareholders’ meeting efficiency, it is the effective explain behavior.The company performance refers to the company must input conditions the amount of output, or unit net output input. From the point of view, the listed company’s financial situation, market position, development scale and prospects could be used as the comprehensive assessment of the listed company.In fact, performance is a larger vocabulary, the company’s overall operating condition can is the embodiment of the corporate performance, the company financial results also can regard as the company performance, even the staff individual working condition, the operation effects to wait, can understand for performance. Changing specific factors, can affect performance, grasp the key points, this paper is limited only for business performance. Under the guidance of the objective, this paper is divided into six parts:The first part is the introduction, mainly is the introduction of the background, the significance, the research purpose, the main research contents, the research methods and innovation points, etc..The second part is the domestic and foreign literature review, considering the limited directly, this paper reviews the related research, mainly involves that refer to shareholders and the board of directors behavior and the related variables.The third part is to shareholders’ assembly behavior and company performance related theory, including a summary of the shareholders’ meeting, shareholders’ assembly theoretical analysis of the definition, nature and the relevant provisions, shareholders’ assembly powers and action; Shareholders’ assembly behavior characteristics on corporate performance, the influence of shareholders of behavioral effects related theory analysis and shareholders’ assembly behavior characteristics on corporate performance influence; and the evaluation of corporate performance.The fourth part is the preface of the empirical analysis, is mainly to the data sources, and the simple explanation related variables, and raises hypothesis:The first assumption H1:annual shareholders’ general meeting times positively related to the performance that year. Second H2:annual shareholders’ general meeting times and the company next annual performance are related. Third H3:the number of abnormal shareholders negatively correlate with corporate performance. Fourth H4:director change negatively correlate with corporate performance. Fifth H5:shareholders attending shares with corporate performance is positively related to proportion. Sixth H6:the bills within the year through with corporate performance is positively related to the number.The fifth part is for corporate performance of shareholders behavior of empirical analysis, and the first quarter is the descriptive statistics; The second quarter of correlation analysis of shareholders; The third quarter is proposed for multiple regression analysis of shareholders behavior characteristic, for corporate performance of the linear regression model, the influence of hypothesis inspection analysis by regression. This paper data sample from the a-share listed companies in hushen before December31,2004, sample data window chooses in2007to2009, the analysis tools is SPSS13.0and EVIEWS6.0, the relationship between behavior characters and corporate performance is mainly from annual shareholders’ general meeting times, the number of abnormal shareholders, director change, shareholders attending shares, two hats syncretic, the purpose is inspection the features and utility of shareholders in the company governance.The final part conclusion the policy suggestions and the prospects. The empirical results show that:1. Shareholders’ meeting times on corporate performance has a significant positive effect;2. Abnormal meeting of shareholders of company performance has a significant negative effect;3. Director change plays a significantly positive role, but too frequent will affect Stockholders confidence;4. The number of bills through has a significant positive effect.Policy recommendations include five aspects:i. clear shareholders status;2. performance evaluation mechanism;3. Improve the quality of the meeting;4. Perfect shareholders’ meeting rules;5. Treated with caution on director changes.Due to a variety of conditions, this research has certain limitation, this problem will be explained in the last part of the paper, and give further research direction.The innovation points is variable selection, such as annual shareholders’ general meeting times, the number of abnormal shareholders, director change, shareholders attending shares, the number of bills through.