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(100084):,,,,,,,:,:,,,,,,???10,AB,1998,A826,31108%31157%33197%,,,,,,,,DavidL.(1999),:(1)(2),,,,(3),,:,;,;,,(1997):,;82:,;(1998),406,,:,(1999),(),,(1999)(ROE),AROE,BHROE,,,,ROE,,,,,,,,,11,,,(),,,,,;,,,,,,,,,,,,,,,,,,,,,,,9220008,,(H1):21,,,,,,,,1/3,,,,,,,,,,,82%(2000)19971998:475,30%,,,,:,,(H2):31(),,,,,,,,,,JensenMeckling(1976),,,,,(H3):41,,,MarkL.DefondChulW.Park(1999):(CEO),,CEO,,CEOCEO,,03:,,(H4)::RPit=a+X1itb+X2itc+ut:RPit,;X1itit;X2it;abc;ut,,,(ROE)(OPE),,,,:ROE=100%/(1)OPE=(-----)100%/[(+)/2](2),,,(FRG)(PTG),(GYG),1RP(ROE)ROE(OPE)OPEFRGFQFRMJFRWZFRGYGPTGWZG1,010FRS1031,30TA()1320008,,,,,,,,FRSTA(B)WZGWZGB,AB,,A,B(),,,A,B20%30%(Chen,GulandSu,1999,p.91111),BAB,921314B,A,B,,922H,,,,,11,,19951231A(ST),92,1996199719981999,368,33,(B)199619976,199819997,H2;35,1B,H;24,B6,1995(),,,5,,1;1,;A4,1,;,1996199954167%70136%45104%21,,232122,(pooled)H1H3,,,ROE,OPE,23:,,,:,21(:ROE)0105701140-0100601026FRG(3147)333(4179)333(-0126)(0169)-01044-0113201034-01015GYG(-2155)33(-4123)333(1156)(-0136)0100901104-01117(-0163)PTG(0133)(2152)33(-3127)333(-0183)11120016743124601833-11510111191133121576WZG(0188)(0157)(1154)(0142)(-0159)(0147)(0149)(0197)01283019841102911944-01250112810168511390FRS(0128)(1101)(01613)(1119)(-0119)(1104)(0124)(0150)01063010640108301080-01086-0104901079-01091TA(3160)333(3168)33(3124)333(3108)333(-1180)3(-1103)(1180)3(2115)33-31643-01891-11105-01000351513-11647-21098-31550(-2119)33(-0188)(-3197)333(0100)(2170)333(-1104)(0149)(1121)R2010540104101154011240105100100070106501057F-51184194517851642149110321322143P010001010007010000801000301034013970105001053n3683681321321401409696:,t,:3331%;335%;310%22322(:OPE)0110601227-0100601048FRG(4192)333(6104)333(-0126)(0196)-01099-01228-01014-01041GYG(-4140)333(-5171)333(-0149)(-0177)0110201160-0111701046PTG(2187)333(3100)333(-3127)333(0147)31399016979124251576-11510-61043198921909WZG(2103)33(0145)(3139)333(2120)33(-0159)(1199)33(1110)(0183)-11359-01991-0115311539-01250-31051168521081FRS(-1101)(-0177)(-0107)(0173)(-0119)(-1193)3(0145)(0157)01122011190118101181-01086010800105001045TA(5131)333(5114)333(5150)333(5141)333(-1180)3(1132)(0185)(0180)-8135111156-18137-016125151221362-61530-21452(-3181)333(0184)(-5111)333(-0130)(2170)333(1115)(-1113)(-0163)R2011060109201298012800105101046-01019-01011F-713771381211113172214921670165301738P000001034010350166001568n368368132132140140969633200083(ROE)(ROE)(OPE)(OPE)0108501152FQFR(2153)33(3150)3330120501104MJFR(2120)33(0187)0140801554WZFR(4150)333(4176)333-01132-01228GYG(-4123)333(-5171)3330108101121PTG(1198)33(2130)3311293018336180751576WZG(0160)(0142)(2147)33(2120)33-0149711944-0186511539FRS(-0128)(1119)(-0138)(0173)01077010800116401181TA(2125)33(3108)333(4188)333(5141)333-8180-010003-14125-01612CONSTANT(-3106)333(0100)(-3186)333(-0130)R20120401124013450128F-517951641018513172P001000300,,,(A),,,(ROE),5%,,,;(OPE),,OPE,,,,4(H4),,,,,H1H3,,3,ROE,,,,,,,BROE,OPE,ROE,1033,,43:ROEOPE,,,,:(1)21223,,,;(2)3,,3,FQFR,MJFR,WZFR,,FF(2,124)=4190F(2,124)=5152,P0100901005,1%,132,,,,,,,,,,,,:,,,,,,;,,(),,;,,,,,,,,1998:,5,1999:,2,1999:,12,2000:,3,1997:,5Chen,GulandSu,1999,AComparisonofReportedEarningsUnderChineseGAAPvs.IAS:EvidencefromtheShanghaiStockEx2change,AccountingHorizons,Vol.13NO.2,June1999.DavidL,KangandAageB.Sorensen,OwnershipOrganizationandFirmPerformance,AnnualReviews,Sociology,1999,Vol.24:121144.MarkL.DefondandChulW.Park,TheEffectofCompetitiononCEOTurnover,JournalofAccounting&Economics,1999,27:3556.M.C.JensenandW.H.Meckling,TheoryoftheFirm:ManagerialBehavior,AgencyCostsandOwnershipStructure,JournalofFi2nancialEconomics,1976,3:305360.(:)(:)5320008OwnershipPluralization,FirmPerformanceandIndustryCompetitionChenXiao&JiangDongThisstudyexaminestheimpactofownershipstructureontherelativeperformanceoflistedfirmsinChina.Aftercontrollingfactorssuchasindustry,firmsizeandmacroeconomicconditions,usingdatafromthreeindustries,namelyelectronics,commerceandutilities,ourregressionanalysisandhypothesistestingrevealthatlegalpersonsharesandtradingshareshavepositiveeffectsonfirmperformancewhilestateownershiphasanegativeimpact.However,thisistrueonlyinthecompetitiveelectronicsindustry,anddoesnotholdinlesscompetitivecommerceandutilityindustries.Thepolicyimplicationofthoseresearchfindingsisthat,inordertoimprovecorporategovernanceofSOEs,pluralizationofownershipthroughlistingonstockmarketsisdefinitelyarightwaytogo.However,tomakethisap2proacheffective,ahighlycompetitiveenvironmentforthoseSOEsneedstobecreatedinthefirstplace.TheStrategicChoiceofManagerialIncentivesandInternationalMarketShareRivalryMaJieInthispaper,firstly,werepresenttheinternationalmarketsharerivalrybyCournotduopolymodelwithlineardemandsystemandCRStechnology.Weshowthat,iftheownershipandmanagementofthedomesticfirmseparates,thentheowneralwayshasincentivetomanipulatehis(orher)managersincentive,regardlessweathertheownershipandmanagementoftheforeignfirmseparatesornot.Inparticular,ifdomesticfirmsownerchooseshis(orher)managersincentiveonly,thiskindofmanip2ulationcanmakethedomesticfirmproducingStackelbergleaderq