Structure Design Of Ultimate Control Rights And Corporate Performance

This thesis studies the relationship between the ownership structure in companies based on ultimate ownership and the performance of such companies. The thesis is divided into five sections. Chapter 1 is introduction, which introduces the research background, research method and so on. Chapter 2 is literature review, according to the ownership structure-company performance relationship. Chapter 3 is some relevant theoretical analysis regarding ultimate ownership control and the company performance and provides the theoretical framework of this thesis. Chapter 4 is the empirical study of the relationship between ultimate ownership control and the company performance, using the sample data of the private listed companies and the method of descriptive analysis and multi-variable linear regression model. Chapter 5 includes the conclusion and some policy suggestions.While this thesis studies the relationship between ultimate ownership control and the company performance, it also considers the influence of the owner. Going listed means an all-direction transformation for any companies. And the transformation of the role of the owner is the most crucial one in such steps. One can say that the complicated and artistic design of the control right before going listed is the embodiment of the talent of the owner.Unlike most literature focusing on the negative results of the separation of the cash flow and control right on companies, this thesis focuses on the design purpose of such structures. Thus it tries to locate the positive meaning that lies yet to be discovered. The author is trying to prove that such structures have a complicated relationship with the company’s performance and may—in certain cases—play a positive role in the company’s development.