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《Commercial Research》 2006-10
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Ownership,Investment and Accounting Performance

LIU Ren-fan (SEM,Tsinghua University,Beijing 100084,China)  
With an empirical sample of 11 industries,the paper finds that the proportion of shares subscription from state-owned and the domestic founders played different roles in different industry.The empirical results in mechanics,chemical,textile industries supports the higher agency cost of state-owned shares hypotheses.In utilities and medicine industry,accounting performance is positively correlated with the largest shareholding;however,the case is opposite to that in mechanical industry.Either the company with one largest shareholder or the one with dual largest shareholders may have different performanes because of industrial particularities.The ownership of top largest shareholders is irrelevant in such industries as material,building,real estate,hotel,food,vintage and agriculture,etc.But the performance is correlated with the share's legal status in industries therein.The proportion of the productive stockholders is significantly correlated with the performance of IT industry.The trust corporations may hamper the development of the listed corporations in mechanical industry.The accounting performance is significantly correlated with the capital expenditure intensity in eight of eleven industries,The equity investment improves the performance in five of eleven industries in the sample.
【CateGory Index】: F276.6
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