Stakeholder, Share Controlling Right and Firm Performance - Panel Data Analysis of Manufacturing Industry Listed Companies in China

The paper uses the panel data model to analyze the listed companies of the manufactory industry in China. The paper studies the market value and the book value of the government sharecontrolling companies and the private sharecontrolling companies from the aspect of the shareholder, the director board, the senior manager, the creditor and the employee according to the stakeholder theory, we find that the private sharecontrolling companies is generally better than the government sharecontrolling companies in the aspect of stockholder, director board and senior managers, but the government sharecontrolling companies is superior to the private sharecontrolling companies in other aspects. It means that the private sharecontrolling companies has an advantage of the corporate government, but it is inferior to the government sharecontrolling companies in the financing, employee's welfare and company size. In the end we get some management implication