Empirical Study on Corporate Ownership Structure, Performance and Governance

Based on the samples of 171 listed companies in Shenzhen and Shanghai stock markets, the paper mainly focuses on the relation between the corporate ownership structure and corporate performance. The result shows that there are negative correlation between state ownership and corporate performance, and positive correlation between legal person ownership and corporate value, there are better corporate value in the higher centralized ownership company, and the corporate value will be improved when the biggest shareholder have proper shares.     

Analysis of the Impact of Ownership Structure on the External Corporate Governance

Taking-over market, the main component of external corporate governance, affects the performance of corporate governance significantly. Through taking-over activities between companies, the market assumes its role in the governance mechanism. This paper analyzes the taking-over market of listed company in China from the view of ownership structure. By looking into the indirect taking-over activities between companies, the authors research the impact of specific ownership structure on the effectiveness of external corporate governance deriving from such activities. It is concluded that innovation of ownership structure is the key for taking-over market to take its role in external corporate governance more effectively.     

An Analysis of the Existing Problemsand Countermeasures in Chongqing Listed Companies

This paper makes a comprehensive analysis of such problems as industrial structure readjustment and corporate governance in Chongqing's 22 A-type listed companies from 1993 to 1994.Based on present realistic situation and future development need,a set of countermeasures including industrial structural readjustment,modern enterprise system promotion,capital market development and macro policy formulation has been put forward for consideration.     

中国农业上市公司绩效评价

农业是整个国民经济发展的基础,农业上市公司作为农业产业化的龙头,提高农业上市公司绩效对于农业发展具有重要的意义。本文先对27家农业上市公司2007、2008和2009年的财务数据进行移动平均,并运用因子分析法对所得结果进行绩效评价,得出了当前农业上市公司规模普遍较小、经营绩效呈“两头小,中间大”的橄榄型分布、各子行业发展不均衡的结论,并提出了提高农业上市公司绩效的政策建议。     

农业上市公司董事会特征对会计盈余信息含量影响的实证分析

考察农业上市公司董事会特征对于会计盈余信息含量的影响。通过实证研究发现：董事会规模、独立董事比例,以及董事会持股比例对会计盈余信息含量具有显著影响;董事会的会议频率和审计委员会的设立与否对会计盈余信息含量没有显著的影响。     

农业上市公司周内效应实证研究

运用广义误差分布的GARCH（1,1）模型,基于“牛市”和“熊市”行情,实证分析农业上市公司周内效应。主要结论有：农业上市公司日收益率存在周一效应和周五效应。 “牛市”中显著为正,“熊市”中显著为负。最后提出政策建议。     

基于因子分析的农业上市公司经营业绩评价研究

农业是奠定基础、保障人民生活的基础产业,是乡村产业蓬勃发展和带动农民脱贫的关键环节。农业上市公司是农业高质量发展的顶梁柱,应在乡村产业由增产导向型向提质导向型的转型升级中发挥“头雁效应”。本研究基于因子分析方法对包含农林牧渔业在内的农业上市公司进行绩效评价,对于农业上市公司运营管理和公司治理水平提升,并更好地被国家和其他机构投资者所了解和掌握,最大限度发挥对其他农业经营主体和小农户的引领带动作用都具有十分重要的意义。研究结果表明,农业上市公司引领农业高质量发展的系统性工程需要政府、企业、农民及相关主体共同参与,从技术、人才、资源、政策等方面综合发力,精准施策。     

Effects of the Decentralization Degree of Chinese Listed Companies Share on Corporate Governance

The efficiency of the listed companies, to much extent, results in that of the corporate governance, and meanwhile, whether the corporate governance is effective or not depends on the rationality of the share structure, in which large shareholders are always playing an important role. In China it is essential for security market to develop soundly. So there is not too much to emphasize the effects of the listed companies share structure on the efficiency of governance. In this paper using the methods of canonical test and synthetically grading, the authors analyze 139 Chinese listed companies, the samples of our empirical analysis, and draw conclusions that the proper degree of the share's decentralization will lead to the improvement of performance. Furthermore, both over-decentralized share and the other extreme also are propitious to the control of insiders' control and the stimulation of managers.     

农业上市公司审计定价影响因素的实证分析

选择农业上市公司2001年至2008年作为数据窗口,共216混合样本,对影响农业上市公司审计定价的内外部因素进行理论分析和实证检验。研究结果表明：公司总资产规模和董事会规模是影响农业事实上公司审计定价的主要因素,公司总资产规模和董事会规模越大,审计定价越高;公司经营业务种类越多、负债水平越高,审计定价越高。会计师事务所特征和地区外部治理环境也是影响审计定价的重要因素,综合评价排名居前、审计质量高的事务所审计定价较高;农业上市公司所处地区的市场化程度越高,审计定价越高,地区法治化水平越高,审计定价越低。根据研究结论,本文提出相关对策建议。     

非洲猪瘟疫情对生猪产业链上市公司市场价值的影响研究

[目的] 研究旨在应用实证方法分析非洲猪瘟疫情对生猪产业链上市公司市场价值造成的影响,进而得出疫情对生猪产业链上养殖、屠宰、加工、消费等环节利益相关者收益的影响。[方法]采用事件研究法,选取涉及生猪产业链上市公司,按主营业务统计为肉制品加工、养殖、饲料和兽药4种类型的32家相关上市公司,通过设计指标对生猪产业链上市公司股票异常收益率波动进行计算和检验。[结果]研究结果表明：非洲猪瘟疫情事件对生猪养殖行业的影响最大;对兽药行业的影响周期最长;肉制品加工行业的影响程度和周期仅次于兽药行业,对饲料行业的影响最小。[结论] “非洲猪瘟”事件对猪产业链上的饲料、养殖、肉制品加工、兽药类上市公司市场价值存在显著的负面影响。     

An Empirical Research on the Relationship Between the Manager Pay and Firm Performance of Chinese Public Companies

This paper introduces the theory and research result on the manager pay. The mutual effect between manager pay firm performance is analyzed, and the managerial shareholding has no significant effect on firm performance, but the managerial annual pay has significant positive effect on the firm performance in Chinese public companies. It is found that the board structure and the owner nature have different effect to the style of manager payment. Finally, we put forward some feasible suggestion of buillding up a set of payment mechanism for Chinese public companies.     

Empirical Study on Corporate Governance and Voluntary Disclosure in China

This paper examines the impact of ownership structure and board composition on voluntary disclosure. Ownership structure is characterized by first ownership, and board composition is proxied by the percentage of independent directors. Voluntary disclosure is measured by an aggregated disclosure score of non-financial and financial information. Our results show that both lower and higher first ownership are associated with increased disclosure. The number,not percentage,of independent directors improve corporate disclosure. We also find that larger firms had greater disclosure.     

中国农业上市公司的绩效评价

数据包络分析（DEA）是近年来发展起来的一种绩效评价方法,相对于传统的评价方法,其评价结果更客观。因此。利用DEA方法对中国17家农业上市公司的经营绩效进行了分析评价。结果表明中国农业上市公司的整体效率有待提高：只有5家农业上市公司是DEA有效的。其余12家农业上市公司则是非DEA有效的。进一步分析发现非DEA有效的农业上市公司多是规模收益递增的,表明农业上市公司有着很大的发展空间。在此基础上。进一步探求改善农业上市公司绩效的路径。     

An Empirical Research on The Relationship Between Board of Directors Governance and Corporate Performance of Chinese Public Companies

Board of directors is an important component part of corporate governance. As a governance mechanism, we empirically study relationship among the scale of the board of directors, the structure of the board of directors and the duality leadership structure with corporate performance in Chinese public companies. The result shows that the scale of the board of the directors is smaller, the performance is better. With the ownership structure changes better, the structure of the board of the directors will change better and promotes the performance. The duality leadership structure doesn't affect the corporate performance. The fundamental method for the governance effectiveness of the Board is to set up the reasonable ownership structure and the marketing mechanism for occurrences in human.     

Main Factor Analysis on the Sustainable Growth of the Public Companies in China

With the sample of Chinese A-stock public companies which appear on Stock Exchange of Shanghai and Shenzhen before 1994,and by using the factor method and regression,this paper finds out and explains the equilibrium relation among sustainable growth of Chinese public companies,profitability and capability of debt-repayment and capability of operation. This paper discover: (1)The sustainable growth rate of a public company is in inverse proportion to asset-debt ratio, but in direct proportion to current debt ratio as well as acid test ration. (2)There is a positive correlation between the sustainable growth rate of a public company and its profitability. That's to say, the higher earning rate, the higher sustainable growth rate.(3)The sustainable growth rate of all public firms other than those of the commerce industry is positively correlated to the growth capacity.(4)Apart from the commerce industry, there is a positive correlation between the sustainable growth and the operation capability of the public companies, regardless of their integral sample, industries sample and scale sample.     

Analysis on Employee Stock Ownership Stimulation Mechanism in the State-Owned Construction Enterprises

As a long term stimulation mechanism, there is a need for the employee stock ownership in founding modern construction enterprises and the further improvement of stimulating and restricting system of the enterprises as well. Carrying out the employee stock ownership plan in the state-owned construction enterprises can bring together organically the labor connection of laborers and the capital connection of laborers and combine the employees with other owners into an interest community by means of property right. Thus, it will increase the concern of the employees over the long term development of the enterprises as well as their participation in the management. Therefore, it will set up inner power and supervision mechanism for the continuous development of the state-owned construction enterprises.     

Impacts of the Control Right on the Corporate Governance:Evidence from China

Company control right is a key question in corporate governance.This paper selects ROE and Tobin's Q as proxy variables of the corporate governance's effects,classifises the sample into two groups according to their concentration in control right,aims to revealing the influences of the difference in control right on the corporate governance by empirical analysis.The results show: ROE is negative correlative with the concentration of control right,in the high concentration sample,ROE is positive correlative with the net asset per share when the control right is high concentrate,and ROE is positive correlative with size of broad when the control right is nonconcentrate.     

Analysis of the Total Energy and Its Influencing Factors for Seismic Structures

In this paper, the total input earthquake energy and influencing effects for shear type,shear-bending type, bending type aseismic structures of the single freedom system and multiple freedom elastic-plastic system are analyzed by synthesizing various effects and employing the timehistory analysis method. Based on the analysis results, the total input earthquake energy spectrum is presented.The simplified methods for analyzing the total input energy of multiple freedom elastic-plastic systems are proposed to provide some basis for developing aseismic structure design method and Double-Failure Criteria.