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《Economic Research Journal》 2001-11
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Equity Structure,Firm Performance and the Protection for Investers' Interest

Chen Xiaoyue and Xu Xiaodong  
This study examines the equity structure and the performance of all the listed companies in Shenzhen Stock Exchange excluding financial firms over the span from 1996 to 1999.The empirical evidence suggests that equity structure and corporate governance are closely related to firm performance. By controlling standard economic determinants of return, there is a negative and significant correlation between the proportion of tradable A shares and corporate performance under weak corporate governance in terms of the protection for outside shareholders. Additional analyses indicate that in unprotected industries the firm performance increases with the proportion of the largest shareholder. However, there is little evidence in support of neither a positive correlation between corporate performance and the proportion of legal person shares nor a negative correlation between corporate performance and state owned shares. These findings suggest that the protection for outside shareholders is extremely important in the process of reducing state owned shares and privatization.
【CateGory Index】: F271
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