The Relationship between the Ownership Structure and Operating Performances of the Listed Companies in China-The perspective of Agents watching Agents

• Main Authors: Kai-Tien Wu, 吳楷天
• Other Authors: Zhen-Huan Xie
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/ptv3j4

碩士 === 銘傳大學 === 會計學系碩士班 === 93 === Base on the perspective of the relationship between agent and agent, this research examines how the institutional investors affect the corporate performance of the listed companies in China. Since the agents of private and state institutional investors are guided by different profit function, these differences will influence their investment decision. We use industry-adjusted Tobin’s Q (ADJQ) as a measurement of firm performance to build the relationship between ownership structure and operating performance. Our results indicate that ADJQ of listed company is negative correlated with the percentage of state institutional shares, for the profits of the agent of state institutions have no relationships with corporate performance which will decrease the corporate performance. On the contrary, there is a positive correlation between companies’ ADJQ and percentage of private institutional shares, it is because the profit of the agent of private institutions are similar with the interests of other shareholders. For foreign institutions, there is also a positive correlation between companies’ ADJQ and percentage of foreign institutional shares.