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上海交通大学硕士学位论文中国民营家族上市公司股权集中度、公司治理及经营业绩之研究姓名：王琳龙申请学位级别：硕士专业：工商管理指导教师：费方域20070128()()CRHZCR1CR5H5UTHERESEARCHONCONCENTRATIONRATIOOFSHARESCORPORATEGOVERNANCEANDBUSINESSPERFORMANCEOFCHINA’SFAMILY-OWNEDLISTEDCOMPANIESABSTRACTConcentrationratioofsharesisthemostimportantelementsofcorporategovernance.Therelationshipamongconcentrationratioofsharescorporategovernanceandbusinessperformanceisthemostsignificantsubjectsinthemanagementresearcharea.Throughitseffectonthecorporategovernancestructure,concentrationratioofsharesinfluencesthestrategyselections,managementphilosophyandresourcerelocationandfinally,thebusinessperformance.Firstly,thedissertationexpatiatethebackgroundandthemeaningofthethesis,andformsitsTheoreticalBasisthroughsummarizingtheanalysisofconcentrationratioofsharesandcorporategovernancebydomesticandoverseasexperts’researchonthemethodsofdescription,comparisonandintegration.ThenthedissertationanalyzesthecharacterizationsofUK-USmodel,German-JapanesemodelandEastAsianfamily-controlledbusinessmodel,whichleadstoanexplanationonthedifferentiationofthecheckingandbalancingsystemforinternalsupervisionmechanism,thetake-overofexternalcontrollingsystem(marketforcorporatecontrol),andproxycontest(manager'smarket).Finally,thedissertationanalyzestheproblemsoftheformationandevolutionofcorporategovernancemethodandconcentrationratiosofsharesinChina’sfamily-ownedcompanies,andsummarizedtheprimarycharacterizationsontheconcentrationratioofsharesofChina’sfamily-ownedlistedcompanies.Basedonthedemonstrationresearch,thedissertationdepictsstatisticallyonCR,H-index,Z-index,undertheconcentrationratioofshares.Meanwhile,thedissertationtakesanaveragecomparisonanalysisthroughthebusinessperformanceaffectedbyconcentrationratioofshares,afurthercorrelationandregressionanalysisonthebaseofCR1,CR5andH5whichbelongtotheconcentrationratioofsharesindexsystemandthebusinessperformanceindex.Theanalysisresultshowsthemostdistinctivesituationofchina’sfamilyownedlistedcompanies’shareownershipstructureisthat:1)thebiggestshare-holder’sshareproportioniscomparativelyhigherthantheothers;2)thefivebiggestshare-holders’shareproportionisdominantlyhigherthantheothers;3)theconcentrationratioofsharesandcorporatebusinessperformanceisaninverse“U”shape.Concentrationratioofstocksisameaningfulandcomprehensivesubject.Duetothelimitationoftime,resource,andresearchcapability,thedissertationonlycoversanelementaryandexploratorystudyonthetopics.Sometopicsandviewpointsinthedissertationarenotpreciseandprofoundenough.Isincerelyexpectyourprofessionalsuggestionsandadvices.Thankyousomuch!KEYWORDSconcentrationratioofsharescorporategovernancebusinessperformance120061223220061223200612231202005GDP4977745000199320043362200220032004ROECR5::MBA11923(Berle&Means)1.1(Berle&Means1932)Jensen&Meckling1976MBA2[1]GrossmanHart(1980)[2]DemsetsLehn(1985)511[3]ShleiferVishny(1986)[4]HoldernessSheehan(1988)(NYSE)(AMEX)20%TobinQ[5]Stulz(1988)StulzMcConnellServaes(1990)QQ040-50[6]DavidL.KangAageB.Sorensen(1999)1MBA323PedersenThomsen1999PedersenThomsen12435[7]MakhijaSpiro2000988Berle&MeansGrossman&HartDemsetsLehn1.2[8]199710CR10HERFMBR[9]20005MBA4Q[10]2001[11]2000[12](1999)199850350%DemsetsLehn[13]2001[25][14]2001ROEEPS[15]2003MBA531321991525.4%33.01%79.2%57.8%58.1%31[16]254209331415209151297370160160138145135010915087187785089632[17]MBA60103.261.166.010256.921.317.4255016.712.913.0507531.94.72.17510041.3--1.52.1200[18]202030[19]199465%10%19904575CR525.4%1995511CR524.81%815%2.2MBA7199623.6%66.2%40%85%25%57%50%33[20]%44.572964030.448.022.0018.910.04.619.6--20.19.512.05.7----14.124.942.050.222.417.05.44.014.000.75.02.3MBA8[21]Claessensetal.71.567.356.4%51.9%45.544.842.624.6MBA9()()3.1:;;()()3.1.1[22]MBA10[23]Rechner(1998)3.1.2MBA113.1.3MartinandMcConell,.1991ShleiferandVishny,19973.1.4Fama(1980)MBA12:41[24]MBA133.2202005GDP49770002000533200577440199219941992ST199361994119951996199719981998319991999200020012004[25]336,,MBA143.2.1200292.96%59.46%71.20%4231.95[26]35.224%42[27]%3284256113.966.9020.1923.8921.3431.95[28]15.70MBA153.2.2:43500175[29]50013GDP19890.57%200549743[30]146308103721841298798511037064822368646260345961977156726674444[31]20022004MBA16190016483824351132953141285724221912152051031028026025023019015MBA295.11106107,2323CR1CR540.4%61.7%23CR50.5857CR5MBA304CR50.5857CR50.58575MBA315.21MBA32[33]21988H20008232001883MBA33MBA34[1][0]JensenMichiaelC..andWilliamHMeckling1976TheoryofthefirmmanagerialbehaviorangencycostsandownershipstructureJournaloffinancialeconomics3305-360[2]GrossmaanSanfordandOliverHart1980ThecostsandthebenefitsofowershiptheoryofverticalandlateralintegrationJournalofpoliticaleconomy94691-719[3]DemesetzHaroldLehnandKenneth1985thestructureofcorporatecausesandconsequencesThejournalofpoliticaleconomychicagaodec[4]Shleifer,A.,andR.W.,Vishny.LargeShareholdersandCorporateControl.TheJournalofPoliticalEconomy198694.461-488[5]Holderness,CliffordG.,andDennisP.Sheehan.Theroleofmajorityshareholdersinpubliclyheldcorporations.JournalofFinancialEconomics198820,317-346[6]McConnellJohnJ.andhenriserva