The impact of corporate governance on performance –long term effects from the reform of split share structure in China

• Main Authors: Zhu-Zhou Shou, 壽助州
• Other Authors: Chiu-Ling Lu
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/10882582353746163431

碩士 === 國立臺灣大學 === 國際企業學研究所 === 101 === This study is based on the companies (A shares)listed in the Shanghai Stock Exchange, to explore the impact of the old and new corporate governance on performance with the long-term effects of the reform of split share structure in China. This analysis uses Tobin''s Q to measure the corporate performance, and studies the corporate governance effects from the sum of the shareholding of ten largest shareholders, the proportion of state-owned shares, the proportion of shares held by the domestic and foreign institutional ownership, under the controlling four variables of company age, debt ratio, return on equity and long-term debt ratio. Meanwhile, using the dummy variable to distinguish the companies between old and new, and the time before and after the share structure. Under those hypothesis, this study tried to find the differences performance between the old and new companies. In this paper, the fixed effects least squares dummy variable and random effects models are used to analyze the panel data sample. The results show that the reduction of the stake from the proportion of state-owned shares held, domestic and foreign institutional investors have significantly improved performance for the companies. But the sum of the shareholding of ten largest shareholders showed no significant change. At the same time, this paper finds no evidence of significant difference between the old and new companies on performance.