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

本文对日本规模最大的1000家非金融企业1970、1980、1990、2000年的股权结构与经营绩效之间的关系进行了实证分析。股权控制结构是指被研究公司实际大股东的持股类型和持股比例。1.编制了实际大股东持股类型和持股比例的数据。然后对这些数据进行了分析，明确了所有权控制结构在各年度的特征及其在一段时间内的变化。2.我们制定了与被研究公司经营业绩有关的普遍使用的财务比率，以分析日本大型企业所有权控制结构与经营业绩之间的关系。3.通过统计方法检验上述数据之间的关系。并验证了(1)不同类型的真实大股东对经营业绩的某些比率存在显著差异，(2)真实大股东的持股比例对经营绩效的影响不大，最终得出结论：不同类型的大股东对其控制的高层管理人员具有不同的导向作用，但其对经营活动结果的影响强度较弱。

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.