Ownership Structure, Corporate Governance And Management Performance

With theEconomic Globalization andthe increasing riseofequit, inrecentyears,the relationship of Ownership Structure, CorporateGovernanceandManagementPerformancehas beena hot issueofCorporate Finance.The completionof the split share structure reformmakesthe hostile takeover becoming veryactive.Because of the late start, the development of domestic acquisition market isfar from perfect, many listed companies is hostile takeovered, high-quality assetswill ultimately be emptied, so from a corporate governance perspective to study theanti-acquisition, analysis and summarize some of the features of the domestic listedcompanies’ Ownership Structure and Corporate Governance which implementanti-takeover measures, can provide a theoretical basis to the listed companies inthe future development, better improve corporate governance,and avoid hostiletakeover acquire.This paper chooses the domestic listed companies which implementanti-takeover measures as samples, takes the data of the samples’ three years beforeand three years after the implementation of anti-takeover, As the result of thetransition period of the implementation of anti-takeover, through the analysis of thetwo period,wecan more accurately understand the character of corporategovernance and ownership structure. The article firstly evaluates the sample’sconsolidated operating performance by the method of factor analysis; and thenregression the indicators of Ownership Structure, Corporate Governance andManagement Performance, in order to introducesome of the features of the samplecompanies in the equity structure, such as the equity of the samples company isscattered, mostly concentrated in the hands of the public and the corporate ease ofcirculation, and with the increase of such options, the company’s operatingperformance continues to deteriorate, thus easily becomes the target of a hostiletakeover; The results show that: the samples set the Board of Directors and theBoard of Supervisors simply accordance with the requirements of the CompanyLaw.And they did not have the real effective on Corporate Governance, at last cause the number of Board of Directors, the number of the board of supervisors, theproportion of independent directors having no significant impacton theManagementPerformance of the company.For these characteristics, this article putforward a number of recommendations and proposals for improvingCorporateGovernance of the listed companies.