股权集中度、投资者法律保护与公司绩效——基于中国上市公司的实证研究-金融学专业论文.docxVIP

II II Abstract In recent years, how to improve and enhance the corporate governance becomes the focal point of the capital market research. In China, large shareholders infracts small shareholders is ubiquity. The high centralization of controlling rights in our country, determines agency conflict between big shareholders and medium and small shareholder, which may affect corporate performance. Therefore, Chinas corporate governance reform, to be different with Western countries as the US, which revolves the manger’s responsibility to carry on the structure of the corporate governance, but takes the small investor legal protection system as the most important proposition. The good investor legal protection may bring the effective company governance structure and finance decision-making. Based on that, we put equity concentration ratio, investor legal protection and corporate performance in the identical frame system to research. This article contains six chapters. First, we elaborate the theories about the equity concentration ratio, investor legal protection and corporate performance. Then based on these theories, we have analyzed the stockholders rights concentration degree and the investor legal protection in our country, and measure the investor legal protection environment in all previous years in our country. In the follow, this paper mainly analyses exchange relationship among the equity concentration ratio, investor legal protection and corporate performance. With the date during 1999-2006 of 271 Chinese listed companies, and uses corporate performance as dependent variable, equity concentration rate of shares as independent variables while the control variables are company’s size to test. The main results are as follows: First, the sector effect exists between the largest stockholder’s stock ratio and the corporate performance. The major stockholder may oversight superintendents, which can reduce the proxy cost and enhance the corporate performance. But alo