Full-Text Search:
Home|Journal Papers|About CNKI|User Service|FAQ|Contact Us|中文
《Economic Research Journal》 2003-04
Add to Favorite Get Latest Update

The Ultimate Ownership and Its Shareholding Structures:Does It Matter for Corporate Performance?

Liu Shaojia,Sun Pei & Liu Naiquan (Brunel University,UK)(Cambridge University)(Shanghai Economic & Finance University)  
Does the class of shareholdings matter for corporate performance?According to the principle of ultimate ownership,our paper found that at present the shareholding structure of Chinese quoted companies is state-dominant in that 84% of public companies are ultimately controlled by the state,compared with 16% of non-state-controlled ones.In contrast to our identified shareholdings,the Chinese official shareholding record only reports the state and the legal person share classes that are inevitably ambiguous for the identification of ultimate owners of public corporations,which in turn has misled many previous studies in assessing the impact of shareholding classes on performance.Based on our newly established shareholding classes,we make a nested performance comparison between these different classes,such as the state direct control versus the state indirect control,and find significant evidence from the Chinese data that the class of shareholdings does matter for company performance.
【Fund】: 上海财经大学“创值课题研究项目”的部分成果
【CateGory Index】: F270
Download(CAJ format) Download(PDF format)
CAJViewer7.0 supports all the CNKI file formats; AdobeReader only supports the PDF format.
【References】
Chinese Journal Full-text Database 10 Hits
1 LI Zhi ping, DONG Mei sheng, XIAO Zhuan qiao (School of Economics, AHUT, Ma’anshan 243002, Anhui, China);On the Relationship between Inner Mechanism of Company Administrative Structure and Achievements[J];Journal of Anhui University of Technology(Sociel Sciences);2004-06
2 DONG Mei-sheng,HONG Gong-xianng(School of Economics,AHUT,Ma'anshan 243002,Anhui,China);Research on the Compensation Gap between Board of Directors and Board of Supervisors and Corporation Governance Structural Relationship[J];Journal of Anhui University of Technology(Social Sciences);2010-01
3 Peng Bing(Law School,Peking University,Beijing 100871,China);Corporate Governance in Listed Companies:The Relationship between Central and Local Governments[J];Journal of Peking University(Philosophy & Social Sciences);2008-06
4 Zhang Hong-liang & Cui Xue-gang(Business School,Beijing Technology and Business University,Beijing 100048,China);The Nature of Ultimate Ownership,the Degree of Market Development and the Corporate Hierarchy[J];Journal of Beijing Technology and Business University(Social Science);2009-04
5 ZHAO Li-ming, HUANG Wei-hua (School of Management Tianjin University, Tianjin 300072, China);The Crosstabs Test for Captial Structure’s Industry Characteristics[J];Journal of University of Science and Technology Beijing;2005-02
6 XIA He-ping~1,ZHAO Xi-liang~2,YUAN Guang-hua~3(1.School of Economics and Management,Tsinghua University,Beijing 100084,China;);A Positive Analysis of the Relationship Between Corporate Governance and Performance:On Chinese Listed Companies in Competitive Industry[J];Commercial Research;2006-04
7 GONG Zhi-wen,CHEN Jin-long(College of Business Administration,Huaqiao University,Quanzhou 362021,China);Game Analysis for Ultimate Controlling Shareholders′ Opportunistic Behavior Supervising[J];Commercial Research;2011-03
8 ZHOU Xin-jun (Transportation and Economics Institute,China Academy of Railway Sciences,Beijing 100081,China);Inter-relationships between the Shareholding Structure and the Operating Performance[J];Journal of Shandong Institute of Business and Technology;2008-04
9 RAO Xi,YAN Guo-wan,KANG Kang (College of Economics and Business Administration,Chongqing University,Chongqing 400044,P.R.China);An Empirical Research on Ownership Property and Earnings Management Based on the Principle of Ultimate Ownership[J];Journal of Chongqing University(Social Science Edition);2011-06
10 Mao Daowei;An Empirical Study on Government Credibility and Corporate Credit Structure and Their Correlation[J];Finance & Economics;2006-10
China Proceedings of conference Full-text Database 10 Hits
1 ;Mutual Collusion or Incentive of Monitor?——Based on the Increasing of Director compensation,Executive Compensation and Firm Performance in Chinese listed companies[A];[C];2010
2 LI Jin, LI Shiming, YAN Zhen (University of Electronic Science and Technology of China, Chengdu 610054, China; Southwest University of Finance and Economics,Chengdu 610074,China);An Analysis of the Performance and Risk of Equity Refinancing of Listed Companies in China[A];[C];2006
3 ;An empirical research on the relationship between large shareholder controlling and embezzlement of listed company's funds[A];[C];2005
4 Lai Jianqing and Wu Shinong School of Management, Xiamen University, China (361005);A Study on Ultimate Owners of China's Listed Companies[A];[C];2004
5 Xingqiang Du~1 and Chuanjin Qi~2 1.Department of Accounting\Center for Accounting Studies, Xiamen University,Xiamen,Fujian,China 361005 2.Everbright Securities CO.,LTD,Shenzhen,Guangdong,China 518035;Managerial Ownership and Corporate Performance:The Model Explanatory Power,Endogeneity and the Industry Competition[A];[C];2008
6 ;Market Lever,Micro-regional Difference and Regional Economic Disparity—An Explanation on Regional Policy Effectiveness[A];[C];2008
7 ;Ownership Structure and Information Content of Stock Price:Evidence from Chinese Stock Market[A];[C];2005
8 ;Study on Relationship between ownership structure and financial constraint level of listed companys in Chinese group corporation.——empirical analysis basing on internal capital market theory[A];[C];2006
9 Luo DangLun Tang QianQuan (School of Business,Sun Yat-sen University,Guangzhou,510275,P.R.);Market environment and the“tunneling”behavior of controlled shareholders--The empirical evidence from Chinese listed companies[A];[C];2006
10 Zhou Chang Shi (Accounting Department,Jinan University,Guangzhou Guangdong 510632);Ownership Structure,Corporate Performance and Ownership Reform:an Empirical Research on Chinese Listed Companies of IT Industry[A];[C];2006
【Citations】
Chinese Journal Full-text Database 1 Hits
1 Liu Shaojia & Cong Shuhai (Brunel University,Britaish)(Shanghai University of Finance & Economics);Value Creation and its Implication to Company Performance Measurement[J];Economic Research Journal;2002-07
【Co-citations】
Chinese Journal Full-text Database 10 Hits
1 ZHAO Ju-an(Department of Business and Public Management,Tianshui Administration College,Tianshui 741018,China);On Valuation for the Target Firm in M&A[J];Journal of Shandong Institute of Business and Technology;2009-02
2 Du Jiang;REVA,EVA and the Stockholders' Wealth: Evidences from Listed Companies in China[J];Finance & Economics;2007-09
3 ZHANG Zongxin1,LIANG Huajun2,JIAO Zhichang2(1Instituteof Financial Studies, Fudan University,Shanghai 200433,China;2School of Bussiness,Jilin University,Changchun 130012,China);Securities Corporate Valuation Based on Dynamic Time Series[J];The Study of Finance and Economics;2003-05
4 PU Zi-li, LIU Shao-jia (School of Business Administration, Sichuan University, Chendu 610041, China);On Corporate Controlling Right and Its Influence on Corporate Performance[J];The Study of Finance and Economics;2004-10
5 Zhong Difan Xu Jinfa (College of management administration Zhejiang University,Hangzhou,Zhejiang 310058);An Analysis on the Governance Effects of Chinese listed Companies' Capital Structure ——A Thinking from the Mainstream Capital Structure Theory[J];Journal of Communication of Finance and Accounting;2005-08
6 Dong Xueyan (Economics and Management School,Henan Normal University,Xinxiang,Henan 453007);Empirical Research on Financial Distress Diagnosis of Listed Companies from EVA Perspective[J];Communication of Finance and Accounting(Academy);2008-03
7 Tang Jianxin Peng Fei(Ecomomics and Management School, Wuhan University,Wuhan,Hubei 430072);Analysis of the Stock Price Bubble of China's Listed Companies in Textile Industry based on EVA Model[J];Communication of Finance and Accounting(Academy);2008-06
8 OUYANG Jun(The third construction company limited of Hubei Province,Jingzhou Hubei 434100,China);EVA Index Based on Creating Value[J];Science Technology and Industry;2007-03
9 LIU Feng-xia, WANG Bo(School of Management,Tianjin University,Tianjin 300072,China);Estimation of Effect of Promotion Based on Economic Value Added[J];Industrial Engineering Journal;2005-05
10 ZHAO Chang-wen ,PU Zi-li ,YANG An-hua (Business School,Sichuan University,Chengdu610065,China);Measurement and Determinants of Private Benefits of Corporate Control——Evidence from Chinese listed companies[J];China Industrial Economy;2004-06
【Co-references】
Chinese Journal Full-text Database 10 Hits
1 FAN Feng-chun;A Study of the Construction of Service Government for China's Local Government[J];;2004-04
2 LI Qiang(Shanghai University Of Political Sciences and Law,Shanghai 201701);A Positivist Analysis of the Legal System in the Chinese Stock Market[J];Journal of Anhui University(Philosophy & Social Sciences);2007-02
3 YANG Jun-long (School of Economics,Anhui University,Hefei,Anhui 230039);Restrictive Factors of the Risk Investment Development in Our Country and Possible Policies[J];Journal of Anhui University(Philosophy & Social Sciences);2008-02
4 LIU Qi,TANG Hua-mao(Labor Personnel Department,Beijing Logistic College,Beijing 101149,China);The Integration Strategy of Human Resources after Merger and Acquisition of High-Technology Company[J];Journal of Anhui Institute of Education;2007-05
5 YAO Zuo- wen(Department of Graduates,Anhui Agricultural University,Hefei,230036,Anhui);The Allocation and Transfer of Control Rights between Capitalists and Entrepreneurs[J];Journal of Anhui Agricultural University;2004-03
6 YAN Qing et al(Economy and Finance Department,Aetna Management College,Shanghai Jiaotong University,Shanghai 200052);Structure Optimization and Developing Strategy of China's Auditing Market[J];Journal of Anhui Agricultural Sciences;2006-02
7 BI Ke-long et al (Antai College of Economics & Management,Shanghai Jiaotong University,Shanghai 200052);Study on the Relation between Capital Structure and Corporate Performance of Listed Agricultural Company[J];Journal of Anhui Agricultural Sciences;2006-19
8 LU Yuan-yuan et al (Antai Economics & Management School,Shanghai Jiaotong University,Shanghai 200052);Research on the Operating Performance of Chinese Listed Companies with Check-and-balance Ownership Structure[J];Journal of Anhui Agricultural Sciences;2006-23
9 XU Min-feng(Aetna School of Economics & Management,Shanghai Jiaotong University,Shanghai 200030);Empirical Investigation of the Cash-holding of Agriculture Company[J];Journal of Anhui Agricultural Sciences;2008-06
10 WANG Yang(School of Economics and Management,Anhui Normal University,Wuhu Anhui 241003,China);Model Derivation and Interpretation of Equity Structure's Influence on Corporate Value[J];Journal of Anhui Normal University(Hum.& Soc.Sci.);2010-04
China Proceedings of conference Full-text Database 10 Hits
1 Cheng Xiaohong Wang Zhiyun Han Wenqiang Business school of Central South University,Changsha,Hunan,410083;EMPIRICAL RESEARCH ON CAPITAL STRUCTURE AND THE GROWTH OF NATIONAL LISTED SMES[A];[C];2008
2 Jiang Wei Xiao Min Center for Financial Studies, School of Management, Xiamen University (361005);Capital Structure Decisions When Large Shareholders Control[A];[C];2004
3 ;The Effect of Controlling Owners on Companies Value Among Chinese Listed Companies-Based on Evaluation of Real Control-degree of Block-holders[A];[C];2004
4 Lai Jianqing and Wu Shinong School of Management, Xiamen University, China (361005);A Study on Ultimate Owners of China's Listed Companies[A];[C];2004
5 ;The Effect of Tunneling and Propping Motives to M&A Performance: Theoretical Analysis and Empirical Evidence from China Listed Companies[A];[C];2004
6 Rao Yu-lei Li Xiang-ping (School of Business,Central South University,Changsha 410083);Catering or Deviating:The evidence about the cash dividends from China[A];[C];2005
7 ;Marketization,the SOE Reform Strategy,and Endogenously Determined Corporate Governance Structure:Evidence from the Listed Firms Ultimately Controlled by Chinese Local Governments[A];[C];2007
8 ;Managerial Power,Perquisite Consumption and Performance of Property Right[A];[C];2007
9 ;Holding Structure Tunneling and Transaction Dividend Policy——Substantial Shareholder’s Interest Realizing Methods[A];[C];2010
10 ;融资约束、商业信用与企业投资行为[A];[C];2011
【Secondary References】
Chinese Journal Full-text Database 10 Hits
1 HU Zhi-qiang(School of Law,Nanjing Audit University,Nanjing,Jiangsu 211815);Legal Perspectives on the Right of Corporate Control[J];Journal of Anhui University(Philosophy & Social Sciences);2009-01
2 LU Yuan-yuan et al (Antai Economics & Management School,Shanghai Jiaotong University,Shanghai 200052);Research on the Operating Performance of Chinese Listed Companies with Check-and-balance Ownership Structure[J];Journal of Anhui Agricultural Sciences;2006-23
3 HUANG Chang-yin (Antai College of Economy and Management,Shanghai Jiao Tong University, Shanghai 200052);Demonstration Analysis on the Profit Status of Agricultural Listed Companies and Its Influencing Factors in China[J];Journal of Anhui Agricultural Sciences;2008-04
4 WANG Yang(School of Economics and Management,Anhui Normal University,Wuhu Anhui 241003,China);Model Derivation and Interpretation of Equity Structure's Influence on Corporate Value[J];Journal of Anhui Normal University(Hum.& Soc.Sci.);2010-04
5 SHEN Wei-cheng(School of Management,AHUT,Ma'anshan 243002,Anhui,China);Capital Structure,Ownership Structure and Company Performance[J];Journal of Anhui University of Technology(Social Sciences);2008-04
6 WANG Chun-lei,PENG Lin(Industrial and Commercial College,AHUT,Ma'anshan 243002,Anhui,China);A Review of China Listed Companies Merger and Acquisition from Perspective of Ultimate Controllers[J];Journal of Anhui University of Technology(Social Sciences);2011-01
7 JIA Hai-feng (Anhui Business Vocational College,Hefei 230601,China);On Implementation of Human Resources Accounting in Our Country under the Background of Knowledge-based Economy[J];Journal of Anhui Science and Technology University;2011-03
8 Peng Bing(Law School,Peking University,Beijing 100871,China);Corporate Governance in Listed Companies:The Relationship between Central and Local Governments[J];Journal of Peking University(Philosophy & Social Sciences);2008-06
9 WANG Yan,YU Xue-hua (Wang Yan,Xuzhou Normal University,Xuzhou 221116,China; Yu Xuehua,Suzhou University,Soochow 215021,China);The Ultimate Control Rights,Debt Financing and Company Investment Behavior[J];Journal of Beijing Institute of Economic Management;2010-03
10 HU Xu(Business School of Central University of Financial and Economic,Beijing 100081,China);An exploration on the correlation between corporate governance structure and financial distress[J];Journal of Beijing Institute of Economic Management;2012-01
China Proceedings of conference Full-text Database 10 Hits
1 ;Layering Research on Institution[A];[C];2011
2 Chen Yan;Protection of Minority Shareholders,"Tunneling Effects" and Corporate Valuation[A];[C];2008
3 ;Mutual Collusion or Incentive of Monitor?——Based on the Increasing of Director compensation,Executive Compensation and Firm Performance in Chinese listed companies[A];[C];2010
4 Zhou Fang-zhao Zhou Zheng Qu Zhen-tao (School of Economics, Zhejiang University; Center of Economics Research, Harbin University of Commerce);Investor’s Law Protection,Disproportional Ownership Structure of Controlling Shareholders and Corporate Performance:An Empirical Research Based on Chinese A Share Private Listed Companies[A];[C];2011
5 WANG Xue-rong,HAN Juan-juan(School of Accounting,Nanjing University of Finance and Economics,Nanjing 210046,China);Study on Independent Director Dystem and Enterprise Value Relations: the Empirical Analysis on Two Kinds of Listed Companies in China[A];[C];2011
6 ;Background of independent directors and accounting information quality on the circulation companies[A];[C];2009
7 ;An empirical research on the relationship between large shareholder controlling and embezzlement of listed company's funds[A];[C];2005
8 ;不同股权控制方式下上市公司交易安排的理论分析[A];[C];2006
9 Changjiang Lu & Yuheng Zhao Management School of Fudan University; Management School of Jilin University;The Incentive Effect of State Owned Enterprise Manager-Based on the Comparison of Optimal Contract Perspective and Managerial Power Perspective[A];[C];2008
10 Zhijun Lin~1 and Ming Liu~2 1.Department of Accountancy & Law,Hong Kong Baptist University,Hong Kong; 2.Department of Accounting & Information Management, The University of Macau,Macau;Influencing Factors Underlying Auditor Switches in Chinese Listed Firms from the Perspective of Corporate Governance[A];[C];2008
【Secondary Citations】
Chinese Journal Full-text Database 2 Hits
1 JUN ZHANG (Fudan University);Growth,Capital Formation and Technological Choice:Why Has China's Economic Growth Rate Been Declining?[J];China Economic Quarterly;2002-01
2 Wang Kaiguo;Rational Considerations on the Extraordinary Innovations on the Stock Market in China[J];Social Sciences In China;2001-01
©2006 Tsinghua Tongfang Knowledge Network Technology Co., Ltd.(Beijing)(TTKN) All rights reserved