上市公司在集团中的地位对公司绩效影响研究-财务管理专业论文.docxVIP

Ab Abstract PAGE PAGE III Abstract In China, Business Groups have always been occupying an extremely important status in the capital market. They are the source power of Chinas economic development, and contribute much to the national economic development strategy, international competition and economic growth quality of China. Most high quality assets of business groups are often in the listed companies subordinating to them. So it has extreme importance to study the performance effects of the group affiliated listed companies created by their status in business groups, both in theory and reality. Present research has been focused on business groups’ diversification, ownership and control rights and internal capital market et al. Whereas many scholars have examined the “tunneling” or “propping” relationships between groups and their affiliates , and most manifested symmetry of the both, only a few have looked at the listed companies’ status in business groups. With the constant improvement of Chinas capital market, China’s business groups have developed rapidly. The issuing of the programmatic document from the state council, which proposes some Suggestions on promoting the reform and opening and stable development of the capital market, is a sign that the important strategic position of capital market in the national economy development has been established finally. The capital market gradually steps down to the total current age, and the trends of whole business group to be listed appear, which makes researching the relationships between groups and their affiliated listed companies extremely important. This paper has four sets of assumptions, including the relationship between the contribution index of listed companies and listed companies’ performance, ownership structure of listed companies and listed companies’ performance, whether the Group controlling the listed companies directly and listed companies’ performance, listed companies’ leaders working for