Study On The Relationship Between The Control And Operating Performance Of Listed Companies Based On Banzhaf Power Index

There are generally a few deep-rooted questions in the capital market of our country, such as high equity concentration, low equity balance degree, small shareholders low status, the influence of large shareholders have to small and medium sized shareholders. For quite a long time, the control structure of listed companies and the business performance of companies have been hot discussion in the academic research, and there are two explanation theories of ownership structure on corporate performance, namely agency theory and control theory, scholars have different opinions on the two theories, and they may have even large difference on the right of control has on corporate performance. Some people think that the control of the big shareholders and the consistency of the ownership of a company has a positive effect on companies’ business performance. Others think that it is because of the existence of large shareholders, they may have occupied two much profit of the company. It is in the process of these studies, the scholars extended a number of new theoretical system, including the two rights separation theory, agency theory, thus enriching the research value of the hot issues.Based on the sample of A-share main board and small and medium-sized boards of listed companies in Shenzhen Stock Exchange, this paper combines a series of research results on the relationship between internal control and corporate performance based on the existing theories. This paper has in-depth analysis of effect control right formed by the equity structure of listed companies has on the corporate performance. From descriptive analysis to quantitative empirical analysis, then to innovative qualitative analysis, this paper analyzes the relationship between control right of listed companies and business performance from the aspect of ownership concentration, equity balance, and innovative Banzhaf Power Index. This paper also answers questions such as whether control right of large shareholders can influence corporate performance, and whether other shareholders’ equity balance can influence corporate performance, and what is the influence.This paper is divided into three parts. The first part is the theoretical part in two chapters, the first one introduce the research background, significance, structure and creative points, the second chapter is the definitions and theory basis, summarize some classical theories, mainly summarizes and makes some comments of existing researches.The second part:the empirical analysis, this part is the core part of the full text, a total of two chapters, the third chapter is analysis of the situation, by about643research samples in nearly three years of ownership structure and performance data of descriptive statistical analysis. The fourth chapter gives a quantitative and innovative analysis, the first half of this chapter is mainly about the research of control and the company performance indicators for empirical quantitative analysis to find out the hidden rule between variables, the other half part of this chapter introduces Banzhaf power index, in order to find new result through the reorganization of the variables.The third part is suggestions, it is conclusion and limitations, this part mainly summarizes and analyzes the research result of the2part and gains some enlightenment, and sort out the limitation of the inevitable problems in the research of this paper. The suggestion part gives suggestions by summing up the study of the whole passage.