Part two introduces the theory of panel data . the basic form of panel data is : yi t = it + xi t it + uit , i = 1 , 2 , … , n ; t = 1 , 2 , … , t panel data is used for describing the instance of swatch in a collectivity in some time , and observing every unit in swatch multi - scale . basing on the different hypothesis of ui , panel data has fixed effect model and random effect model , if ui is a unit constant ( corresponding to the dummy variable of 基于分析结果,本文给出了改革我国公司治理结构的若干建议: ( 1 )股权性质方面,培育有效的国家股持股主体; ( 2 )股权结构方面,逐渐调整股权结构,减少第一大股东持股比例,增加除第一大股东以外的大股东的股权集中度; ( 3 )董事会方面,采取奇数型董事会规模,并完善独立董事的生成机制; ( 4 )激励制度方面,应加大董事及总经理的持股比例。
This essay mainly adopted the methods of real cases analysis and comparable study . this essay focused on 17 listed companies with the state - owned stocks being the no . l shareholder in chongqing , and discovered the share proportion of the state - owned stocks has a certain negative influence on the company ' s profit - making , which was even noticeable ; and also stressed on learning the clue and solution of the state - owned stocks lessening in the personalization of the state - owned enterprises overseas and concluded their experiences and lessons 本文主要采用实证案例分析和比较研究的方法，以重庆市沪、深两地17家国有股为第一大股东的上市公司作为考察对象进行实证分析，从中发现国有股的持股比例对公司效益存在一定程度的负面影响，并且这种影响还较为显著；另外借鉴国外国有企业民营化过程中国有股减持的思路和具体做法，总结以往国有股减持的经验和教训。
The paper concludes that the more shares the first big shareholder holds , the more unlikely he is to employ sino - foreign cooperative office of the top 4 accounting corporations in the world ; however , if most of the shares are controlled by foreigners , the shareholder are more likely to employ sino - foreign cooperative office of the top 4 accounting corporations 结果发现，第一大股东持股比例越大，越不会聘请国际“四大”会计师事务所的境内合作所；但是，如果第一大股东是外资股，他们更可能聘请国际“四大”会计师事务所的境内合作所。
In addition through analysing the relation between the structure of stock right and the leader of board of directors in addition that we have gotten the following conclusion : state - owned stock unify and have linear dependences with duties by proportion , and president hold a part - time job and present linear dependence big shareholder proportion of holding shares 另外通过董事会领导与股权结构的实证分析我们得到了如下结论：国有股比例与二职合一具有线性相关性，第一大股东持股比例与董事长兼职呈线性相关性。
From an empirical analysis of the relationship between operating performance and the ownership structure , liquidity structure and centralization of equity , this paper concludes that , compared with highly centralized or decentralized equity structure , moderately centralized equity structure with the biggest shareholder as the legal person can contribute to promoting operating performance and should , therefore , become the target model for optimizing the equity structure of the chinese listed companies 摘要通过实证分析股权的所有制结构、流通性结构、集中程度与经营绩效的关系，得出如下结论：和高度分散、高度集中两种股权结构相比，适度集中且第一大股东为法人的股权结构有利于提高公司的经营绩效，因而应成为优化我国上市公司股权结构的目标模式。
In this thesis the author has analyzed the relation between ownership structure and corporate performance and get the conclusion that it is urgent to solve the problem of the split share structure of listed companies . on the base of the comparing and analyzing of the principles and styles of consideration , the study focus on the warrant , refer to securities giving the holder a right to subscribe to a underlying securities at a given price and from a certain date 本文通过对股票市场和上市公司股权结构论述,分析了国家股、国有法人股和流通股的构成比例对公司业绩的影响,得出了国家股比例与公司业绩成负相关关系,法人股比例与公司业绩成正相关关系以及股权集中度较高,公司业绩较好,第一大股东的持股比例在一定范围内公司业绩最佳的结论。
The result of empirical study indicates , though they don ' t gain long - term competitive advantage as a whole , the difference is larger between different types of m & as ; their advantage is significantly and positively related to the percentage of legal - person shares and insignificantly to that of state - owned shares or tradable shares ; those acquiring companies whose largest shareholders alter after m & a gain more advantage 实证结果表明，虽然收购公司总体上没有获得长期竞争优势，但不同类型的并购存在较大的差异；公司竞争优势与法人股东变更著正相关，与流通股比例和国有股比例的相关关系显著；收购前后第一大股东变更的收购公司的竞争优势明显。
Secondly , the author introduce the concept of capital structure , definition the concept afresh , analyze the question the how the capital structure affect the governance structure integrating related the capital structure theories in abroad . thirdly , do these works from two aspects - - - - debt structure and the structure of stock right : analyzing the status in quo of the capital structure of our lusted company and its influence to listed company ’ s governance structure . and then adopting the roe to replace the governance efficiency , provide demonstration analyses on the governance efficiency of capital structure in regression analyses means , and think it exist disadvantage factor to perfecting the governance structure : the positive efficiency of debt can not exert enough , the owner of state - owned stock is not definitude and the stock right is too centralize 首先从公司治理结构的基本概念出发,分析了上市公司治理结构的影响因素;在阐述资本结构概念内涵的基础上,重新界定了资本结构的内涵,结合国外相关的资本结构理论,对资本结构对公司治理结构的影响进行了分析;然后从负债结构和股权结构两个方面,分析了我国上市公司资本结构的现状,以及现状对公司治理结构的影响,并用净资产收益率代替上市公司治理效率变量,采用回归分析的方法对上市公司资本结构的治理效应进行了实证分析,认为我国资本结构中存在不利于完善治理结构,提高治理效率的因素:负债结构中债务的积极治理作用得不到充分的发挥,股权结构中国有股的主体缺位和第一大股东持股比例过高等。
It is argued that the state - owned shares have negative effects on the corporate governance , while if the controlling ownership is corporate equities , the firm will have stronger profitability generally . in contrast , the influence of publicly trade stocks is insignificant . the study provides some empirical evidence for the release of state - owned shares , ownership diversion , and the governance of listed firms , and also emphasizes the importance of ownership concentration and diversion to a certain degree 此外，第一大股东行为及其对公司绩效的影响依赖于其所持有的股权比例，同时，第一大股东的所有权性质的不同，对企业业绩的影响也是不同的：国有股控股不利于公司的治理，而第一大股东是法人股的企业总体的盈利能力较强，流通股对企业绩效的影响则是不显著的。
