The Impact of Stock Right Structure to Performance of Listed Companies Based on Ultimate Ownership

摘要

Compared with traditional studies of categorization of stock rights,the study on the correlation between company performance and ultimate ownership structure whose core is to make explicit the nature of ultimate owners of corporative stocks has stronger instructive significance to the corporate governance in our country.Take A-share listed companies in Shenzhen and Shanghai stock markets from the year 2003 to 2005 as research subjects,this paper divides samples into state and non-state ultimately owned companies according to different natures of ultimate owners,so as to compare and analyze the performance of two types of companies,and further study the influence of deviation of control right and ownership,concentration degree of stock rights,and share proportion of other big shareholders on company performance.