Research in the relationship between the structure of ownership control and the business performance in Japanese large business corporations after 1970s

本文以1970、1980、1990和2000年的销售额为指标，分析了日本最大的1000家非金融企业的所有权控制结构与经营业绩之间的关系。股权控制结构是指研究公司的真实的大股东的持股类型和持股比例。1.对研究公司的真实的大股东的持股类型和持股比例进行了统计。通过对这些数据的分析，明确了日本大企业控制权结构在各年度的特点以及在一段时间内的变化情况; 2.对研究对象企业制定了与经营业绩相关的通用财务指标，以分析日本大企业控制权结构与经营业绩之间的关系; 3.检验了日本大企业控制权结构与经营业绩之间的关系上述统计方法。通过实证分析发现：（1）不同类型的真实的大股东在某些指标上对公司绩效的影响存在显著差异;（2）不同类型的真实的大股东持股比例对公司绩效的影响并不显著，最终得出不同类型的大股东对公司高层管理者的导向不同的结论。但对经营活动结果的影响力较弱。

We analyzed the relationship between the structure of ownership control and the business performance in Japanese largest 1000 non-financial corporations in sales in 1970,1980,1990 and 2000. The structure of ownership control means the type and the percentage of stock ownership of the real top shareholders of researched corporations.1.We made the data of the type and the percentage of stock ownership of the real top shareholders. Then we analyzed these data and made clear the characteristics of the structure of ownership control in each year and the change of that in a passage of the years.2.We made generally used financial ratios concerned with business performance of researched corporations in order to analyze the relation between the structure of ownership control and business performance in Japanese large business corporations.3.We tested the relation between the data mentioned above by the statistical methods. And we verified (1)there are significant differences in some ratios on business performance between the types of the real top shareholders, (2)the percentage of stock ownership of the real top shareholders has not powerful influence to business performance.Ultimately we got the conclusion that each type of the largest shareholders gives a different direction to the top management controlled by them, but the strength of their influence to the result of business activities is weak.