外文翻譯--中國上市公司所有權(quán)結(jié)構(gòu)與經(jīng)營績效之間的關(guān)系(英文）

1、The Relationship between Chinese Listed Companies’ Ownership Structure and Corporate Performance The date from cement industry of listed companies Liu Na1 Department of economics ShandongJiaotong University jinan china

2、djln7578@163.com Sun Yang2 Department of economics, ShandongJiaotong University jinan china wzy111de@sohu.comAbstract— Ownership structure and corporate performance is very important not only for investors, but also for

3、 the company itself. The ownership structure mainly includes three aspects: the ownership concentration, the property of stock composition and the liquidity of shares. And this article uses regression analysis method

4、 to analyze their relationship with ownership structure of the company. Keywords-Ownership Structure, Corporate Performance, CRn index, Herfindahl index, Z index, ROE index, EPS index, GJG index, FRG index, LTG index.

5、 I. INTRODUCTION The relationship between ownership structure and company performance has been the focus of domestic and foreign argument. The research of this issue has not yet to form a consistent conclusion. Only

6、when we understand the relationship between ownership structure and business performance, we will know what kind of ownership structure is reasonable and establish a rational basis for ownership structure for the nex

7、t phase. And we can finally improve the company performance. So this article takes the listed companies in cement industry as samples. Through the empirical analysis of Chinese listed companies' ownership structu

8、re and firm performance, establish the ownership structure and company performance relationship model which is suitable for China's national conditions and has a strong operability. It provides useful references f

9、or investors to have right choice and grasp the direction of investment, and provide the theory basis for national government departments to formulate relevant industrial policies. It also has a very important practi

10、cal significance for listed companies to make long-term development plan, optimize ownership structure and improve business performance. II. SAMPLE AND DATA DESCRIPTION This article uses the cross-sectional data model

11、s and panel data models to get the comprehensive regression analysis, and selects numbers of sample observations to make the estimation results more effective. The whole processes of statistical data are deal with in

12、itial treatment of data through the EXCEL first, and then make a regression analysis by using EVIEWS5.0 statistical software to get the final regression results. A. Research Sample Description This article discarded th

13、e wide-using samples in the past studies, and only selects 20 companies of cement industry as the study samples, so it is full of representation. So we choose 20 listed companies of cement industry listed in Shanghai

14、 Stock Exchange before December 31, 2001 for the research sample, and select the 20 companies' related report from 2004 to 2008. There should be noted that in this article, we have already screened the original sa

15、mples in order to ensure the validity of data and for removing abnormal findings of the study sample. When we select the samples, we should consider the following conditions: ? Do not select the ST and PT companies.

16、This is mainly because these two types of companies have unusual changes in financial situation in the past two or three years. If these companies are included in the study sample, it may affect the consistency and

17、reliability of conclusions. ? Take the different accounting standards between the A shares and B shares and H shares into account so this article excludes the listed companies which issued B-shares and H shares at t

18、he same time . ? Taking into account the performance of newly listed companies are easier to contain traces of packaging and the non-normality fluctuations, therefore, this article just choose the listed companies

19、which were listed before 2001 as the sample. In order to ensure the stability of the sample data, when selecting data, we also use the EVIEWS5.0 software to make a descriptive statistics and linear regression analysi

20、s. B. Research of indicators' selection and description In this study, the indicators included business performance indicators (explained variable) and indicators of ownership structure (explanatory variable)

21、. The Indicators of Business performance: return on equity (ROE) and earnings per share (EPS) The return on equity (ROE) reflects the ability of capital gains in international generic indicators and the core indicato

22、rs in DuPont analysis. It has a strong comprehensive _____________________________________ 978-1-4244-6930-7/10/$26.00 ©2010 IEEE 344It can be seen from that: There is a positive correlation between the largest pro

23、portion of shareholding and the corporate performance. Hypothesis established. The equation described that each of the largest proportion of shareholding increasing 1 unit; it will cause the ROE increasing 1.584676 u

24、nits and the EPS increasing 2.956985 units. When there is a high concentration of equity, it will be beneficial to the business incentives. This is because a unified of management rights and ownerships, it can effecti

25、vely avoid the “adverse selection” and “moral hazard” from operators. When the interests of operators and shareholders are high degree of consensus, the operators wouldn’t do the bad things to the shareholders. Then i

26、t can narrow the proxy chain and save the process of information transmission and more effective to the incentive mechanism of the operators. So it can increase the business performance. C. The Regression Analysis of

27、the Stakes Squares for Top 5 Major Shareholders and the Business Performance According to the previous assumption, establishing a linear regression equation like this: ROE=αi+βiH5+εi (3-3) EPS=αi+βiH5+εi (3-4) αiβ

28、i(i=1,2,3,4,5): Constant term; εi(i=1,2,3,4,5): The interference of random error Form 3-2 has the linear regression equation for each year. Aggregation the linear regression equation for five years we can acquire that

29、 ROE=1.834601H5-0.274296 EPS=5.359669H5+0.1496 It can be seen the higher the Herfindahl index is, the better the corporate performance is. There is a positive correlation between them. Hypothesis established. The eq

30、uation described that each of the stakes squares for top 5 major shareholders increasing 1 unit, it will cause the ROE increasing 1.834601 units and the EPS increasing 5.359669 units. When there is a high concentratio

31、n of equity, the shareholders will consider their self-interest and will make supervision and incentives to the management personnel. Then they will make the managers working hard for the shareholder wealth maximizat

32、ion. Therefore, enterprise would make the long-term gains for target to give investment. In that case, the higher the ownership concentration has the better business performance. D. The Regression Analysis of the Larg

33、est Shareholder and the Second Largest Shareholder’s Stakes and the Business Performance According to the previous assumption, establishing a linear regression equation like this: ROE=αi+βiZ+εi (3-5) EPS=αi+βiZ+εi

34、 (3-6) αiβi(i=1,2,3,4,5): Constant term; εi(i=1,2,3,4,5): The interference of random error Form 3-3 has the linear regression equation for each year. Aggregation the linear regression equation for five years we can ac

35、quire that ROE=0.013105Z-0.003991 EPS=-0.010078Z+1.139813 It can be seen the higher the Z index is, the higher ROE it is. There is a positive correlation between them. The higher the Z index is, the worse the EPS it is

36、. There is a negative correlation between them. There is a difference between the hypotheses. The equation described that each of the largest shareholder and the second largest shareholder’s stakes increasing 1 unit,

37、 cause ROE increasing 0.013105 units and EPS decreasing -0.010078 units. It can be explained that negative correlation means the major shareholders of listed companies have the higher stakes. It will go against to est

38、ablish the scientific decision- making mechanism of the company. They can not effectively protect the interests of small shareholders. So the investors wouldn’t buy stocks from such companies. The positive correlation

39、 means the over mutual restraint of the ownership structure. It will disperse the force of company and drop off the cohesion of enterprise, and it may go against to the business performance. E. The Regression Analysis

40、 of the State-owned Shares and Business Performance According to the previous assumption, establishing a linear regression equation like this: ROE=αi+βiGJG+εi (3-7) EPS=αi+βiGJG+εi (3-8) αiβi(i=1,2,3,4,5): Constant

41、 term; εi(i=1,2,3,4,5): The interference of random error Form 3-4 has the linear regression equation for each year. Aggregation the linear regression equation for five years we can acquire that ROE=0.1315GJG+0.05401 E

42、PS=1.0664GJG+0.723186 It can be seen there is a positive correlation between the proportion of state-owned shares and the operating performance of listed companies. Hypothesis established. The equation described that

43、each of the proportion of state shares holdings increasing 1 unit will cause ROE increasing 0.1315 units and EPS increasing 1.0664 units. In the case of the state's absolute control and the raising of state-owned

44、shares’ proportion, on the one hand, state shareholders should strengthen corporate governance to improve the company's operational efficiency; on the other hand, government should increase the support and protect

45、ion of the company to make company performance better. F. The Regression Analysis of Non-state Legal Person Shares and Business Performance According to the previous assumption, establishing a linear regression equati

46、on like this: ROE=αi+βiFRG+εi (3-9) EPS=αi+βiFRG+εi (3-10) αiβi(i=1,2,3,4,5): Constant term; εi(i=1,2,3,4,5): The interference of random error Form 3-5 has the linear regression equation for each year. Aggregation