国贸经济管理类毕业论文-上市公司股权结构与公司绩效的相关性分析

0JAAAN - 8.6y5D.5,-.2j#qFJ,-96#64k6, 60%FA-:2(=(6*CRAL+(,4:UJ515;%|jW6L?6LY,1y)Br*=0i5_+a:2(j6,+,6s54=7-F2+O,?r/:10F$n)?-,Ah2jC!E6s5(5x,.D0XqF4Ma0vJZ,*6A3+)D%,7,?y=. ;6(5xLN,.D0FC*:F 6OH-F,4P#A-:2(jg)6s5(5x,-(WF|*HFA-:2(6s5Q(5x,*AKdB :2(6s5(5xAbstractAbstractJoint-stock companies because of its advantage in the source of funds governmanceStructure and many other aspects, were widely concerned and regarded from the firstday, and because the direction and target of corporate reform in many countries ,western countries began their practice and research in joint-stock companies and stockmarket more than 200 years ago. Comparatively speaking ,Chinese stock market andlisted companies got a later start, are still in the growth stage now. In just 15 years,Chinese listed companies have achieved remarkable progress, both the number andmagnitude of listed companies grows and expands rapidly, and a group of companieswith excellent performance have entered the world top 500 enterprises. However,because of our countrys listed companies appeared and developed during thechanging process of the economic system from the planned economic system to themarket economy system, under the influence of various factors, such as historicalreasons, reality conditions and son on, our companies are not reformed thoroughly,corporate governmance structure has not be fundamentally changed yet. At present, inour stock market the state-own shares and legal-person shares which can notparticipate in the market circulation are about 60% of the total equity. In recent years,Chinese listed companies are creating financial scandals constantly, corporateperformance continued to deteriorate, the false report, fraud, invasion of minorityshareholders rights occur endless. Ultimately , because of the deformity equityownership structure(EOS) which was artificially separated can not meet the demandsof the development of productivity, and its drawbacks appear gradually. Westerncountries stock market start earlier, thir research about EOS and corporateperformance began in the early 20th century, but has not yet formed a perfecttheoretical system, the actual significance is not clear yet; And because of our listedcompanies unique EOS and market environment, the abroad experience is notentirely applicable, and few foreign scholars studies the issue of our countrys stockmarket, domestic theoretical circles on Eos and corporate performance rise in recentyears.The real estate industry is an important industry in Chinese national economy, it candrive the development of a number of material production sectors, tis healthydevelopment is one of the guarantees that social progress, economic development andAbstractIIIpromoting the healthy development of a comprehensive well life. Therefore, the studyon the relationship between real estate listed companies EOS and corporateperformance has a great practical significance in China.Based on this background, this paper draws on the experience and methods of foreignand domestic, taker real estate listed companies for example, analyzes the relationshipbetween EOS and corporate performance of our countrys listed companies, andlodges the recommendations for optimizing EOS and improving corporateperformance of our real estate listed companies.Keywords: Real Estate, Equity Ownership Structure, Corporate Performance-$ 1 E0 .11.1 F9N6?y .11.2 .D0)()5,F .11.2.1 -F.D05,F .11.2.2 -(.D05,F .21.3 .D0# .41.4 .D0v .42 A-:2(6s5(5x,*6A6 .72.1A-:2(6s5,*6A6 .72.2A-:2(5x,*6A6 .82.3A-:2(6s5(5x,3+ .83 A-:2(6s55x,)( .153.1 A-:2(6s5,)( .153.2 A-:2(5x,)( .174 A6 .214.1 .D0wA.D0g .214.1.1.D0wA .214.1.2gF9 .224.1.3GG,F9 .224.1.4GG,F9 .224.1.5fG,F9 .234.2 A6 .244.2.1 F W6 .244.2.2 4WP .244.2.3 6sL(5x,A6,5 .254.2.4 -(WP .264.2.5 .D0,pLW .265 HF:2(6s5Q(5x,*A .275.1HF:2(6s5 .275.2W)68l,j1665 .275.3j)?Ct65#:, .285.4:2(G*65 .285.5*09x,%jf .296 5A .31?FJW2L0+OJAAAII8$BR .3263) .341 E011 K61.1 F?N7EA-4#iM4 30 6-f,|A-91JE+Ojv_L-p6-f,6-(X,LN$0* :6s5=8*6(*6x)(5xj-,LN6s5_(*65,*.pG?,4G6(*6x)(5xX-p7,3+)(*6jf4Mw9EW!96s58*67-,(*65F6#qFJ6F_+a-,:2(_-91Jifi46?-9W=(5x3+, Q):2(6s5(5xF|A6*6s54Z?3P(5xL$,-(3+F):2(fH+?BHF6s5Q4:U5x90,)?y ;j-o1*6GLf-(o1Ct65F9!.,CtA63 ;j!46siM,-91J*6A ;6|J4*6L$,Y,-7=|*6A,FkE*6WG,A6.D0v-j!*6A+|F9#,s15AG16(l,3+6(6s5_0/0G?_0*.p,j6s5-$(GsYY,X94L$,6G-F65)16,F4:U5x,3+F|#,.D0W8$6;TZM(l)G16(lX-(3+ Jensen Meekling AjX(,*63+L-p4*616,4*6FG6L,Y,6JAC(lL$,!A3+(2)G16(l=X-(3+ Fama(1980)* :Ts6/(7-OEFO,L_+a1*66|7-,CJF(NL,6FF+a11*6s1fs,6/9x(G,*6LN*,5A_G16(l=X-(3+Gomes(2001)*,PFB*6AAjp9sL(lL$X-p!A3+7*EQ,6sLW6Lo?*05$=(?6Ls,v_0M Demsetz La.Poda1yAj66L,Y,FG?6L,Y,=08$T65L$97-*)UG,Y,0.D0-FX6s5(5x,*6A.D0AG16(l3+,F_FG16(l3+,65AG-6!W-j!*6AF=OJ0/7-O#,.D05ACho Myeong- HyeonAj(6s5_0Z+OG(5x(6s5 DemsetzFJE)6s5,J77y6j+OG,69)6s5(5xL$X5A:,-(3+:F ?&-(Margaret +X Tobins Qlj(5x77+X1*6656-j6s577) 1980 CR 500 j1JF|6Aj1*66516,)(5xX=,.D0(5xL$,-(3+*91 E030E,.D0(l)6s(5x,3+-k?a-96#6#qFJ61y5x,3+F|67-96(5x,A.D05A*692102-96(5xL$xCO-(3+A?)(.D0Aj-96Ct)6s)9n:,CO-(3+LxLX63|J3P)-96Ctf,)k:UJY#)CO-(P-.*Z Tobins QjGG*-96(5xCO-(12-6(5xL$x)!-(3+LFJE-6Ctf,)-(W6,5_1F05A)#1CPAjCtf,)s!6f,-96!-(3+192-96(5xL$x)3+P4Aj-96 Tobin QlL$CO-(3+=n:d$O.D0)-6(5xx)n:, u43+#O!n)-96(5x,kCtf,)=n:8#6(5xA6,5A692102#6(5x!-(JH?)Lw*#6Ctf,)L$n:!-(,5A ;12#6(5xCO-(LxLX63|J3P)#6pG(5xCO-(X1WEj,|J0X1WEa,|J=0P-.*Z Tobins QjGG*#6(5xCO-( ;192#6(5x=-(Q6Aj#6Ctf,)!6f,=-(Ctf,)*=-(9#qFJ6(5x,3+LxLCtf,)k:UJY#)jGG.D0Aj#qFJ6(5x!-(P4Aj/nJG6 TobinsQ lL$!-(3+=n:d$O.D0)#qFJ6(5xx)n:, u43+(2)6sL(5x,3+8 Berle MeanS X 1932 *6s60;(5xx-(3+6sC6(5xCLE0H,?&0AJ65G-)F0LNF|WG,A.D0v,5A=08$A-6sL(5x3+,A.D05A*6j276sL(5x!-(86sL(5x*CO-(96sL(5x*=-(QLAMFBRA?FJW2L0+OJAAA46*F0-(5xx)43+;6s,6W(5xx)!-(W(3)(? 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