Ownership Structure, Corporate Governance and Corporate Diversification-Evidence from listed companies on the Shanghai Stock Exchange

• Main Authors: Liu, Ching Lun, 劉經綸
• Other Authors: Tsui-Jung Lin
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/83013457465722254280

碩士 === 中國文化大學 === 國際企業管理研究所 === 99 === This paper examines the effect of ownership structure and corporate governance on corporate diversification. Using a sample of listed firms in Shanghai from 2003 to 2009 and the Tobit regression model, we find that ownership structure is associated with cor-porate diversification. Legal person shareholders and Foreign Legal person which incur higher monitor are less likely to engage in corporate diversification. We also find that corporate governance has less impact on the level of corporate diversification. After Split Share Structure Reform, the relationship between ownership and corporate governance on corporate diversification is significant higher than before. This finding shows that Split Share Structure Reform lowers the negative impact of agency problems. Overall, our results indicated that corporate governance in China is still inefficiency.