Listing Way,Equity Characteristics and Enterprise Performance——Based on the Private Listed Enterprise

Private-controlled listed companies have experienced a rapid growth in recent years,and as a result,they have become an important ingredient of Chinese listed companies.Whether the private-controlled listed companies could develop healthily is concerned not only with restart of private enterprises,but also with the healthy development of the domestic capita market.The paper sampled private listed companies in A-share market,studied the system of listing and motives and cost of indirect listing of non stated-owned companies,compared the difference of ownership structure and firm performance between the stated-owned companies and non stated-owned companies,direct listed private companies and indirect listed private companies,explore the deep reason which faced currently by private listed companies.Finally we find the ownership structure which occurred by the listing background and purpose in the mean time influenced the area of company governance and behaviors of companies,finally play an important role in the performance of companies.So for the Private-controlled listed companies of China,the agency cost of Indirect Listed between large shareholders and small shareholders is more serious than that of Direct Listed.