| Chinese economy was able to overcome twice big financial crisis in 1997 and 2008, and was the first country from crunch economy to recovery when global countries were all in the downturn, which is inseparable from China’s socialist market economy reform and innovation of State-owned-enterprises(SOEs). In the process of reform and innovation of Chinese enterprises, the most critical is the reform of property right, where the ownership structure adjustment and reform of the core. Structural adjustment and reform of enterprise ownership are not only relates to the future survival and development of enterprises, but also relates to the transformation and upgrading of the Socialist market economy. This article adheres to the research approach of "literature review- theoretical analysis – indicator(index) evaluation-policy recommendations", after review the literatures that is related to ownership and firm performance in home and abroad, the paper particularly emphasis on relationship of State-owned capital and non-State-owned capital in the ownership structure of enterprises, and its influence on corporate financial performance, corporate non-financial performance and corporate comprehensive performance. Then, we build mechanism model that ownership structure effect company performance and analyze effect of enterprises’ ownership structure affect company financial performance and non-financial performance, respectively. From the perspective of both financial and non-financial performance of the company design index system to measure Chinese listed companies that are selected from China’s Shanghai and Shenzhen stock markets.The paper also builds static and dynamic panel data models, takes the selected companies data in as analysis sample. Article empirically tests relationship between ownership structure and corporate financial performance, financial performance, comprehensive performance by total sample and industry. According to theory and empirical results, we provide policy recommendations to arrangement of corporate ownership structure and improvement of Company’s performance.First of all, following a review of literature in respect of ownership and firm performance at home and abroad, we define the concepts and scope of enterprises ownership and firms’ performance. Thus, we take into account difference of market environment, which is classified as fully planned economics system environment, market economics system and transformation from planned economics to a market economics system. Meanwhile, firm performance is divided into two parts, which include using financial performance reflects production performance and non-financial performance reflects social welfare. Further, the article analysis characteristics of resource allocation under three different systems background, separately, fully planned economics system environment, market economics system and transformation from planned economics to a market economics system. Behind this(then), we build and solve a Cournot game model includes N manufacturers to research ownership structure’s differences result from proportion of State-owned property rights impact on enterprise’s financial performance and non-financial performance in different system environments. We find that differences in ownership structure impact on its financial performance of production and operation and its non-financial performance of undertaking social responsibilities and carrying out national strategies present distinction of classification.Next, this paper establishes the comprehensive performance index system of enterprises combining the financial and non-financial performance of enterprises. We select Return of Assets(ROA), Return of Equity(ROE) and Earnings Per Share(EPS) as indexes to measure firms’ financial performance, as well as corporate culture, welfare output and sustainable growth as indexes to measure firms’ non-financial performance. We uses the principal component analysis to evaluate the selected 449 companies from 2003 to 2011 in the database of China Shanghai Stock Exchange and Shenzhen Stock Exchange and get evaluation results of each firm’s comprehensive performance, financial and non-financial performance in the sample years, and then rank listed firms’ comprehensive performance in sample set by annual way, and also calculate weighted average value of firms’ financial and non-financial performance and comprehensive performance in sample set by industries classification. The results show that industries’ listed firms in the sample years have low average levels in aspect of financial performance, but if we consider firm’s social welfare effects that resulted by undertaking social responsibilities and carrying out national strategies, the non-financial performance of industries’ listed firms in the sample years have better manifestation.And then, According to the analysis sample that is selected 499 listed firms from 2003 to 2011 in China Shanghai Stock Exchange and Shenzhen Stock Exchange and combining evaluation results of listed firms’ financial and non-financial performance and comprehensive performance in the sample years, We adopt Pooled OLS Estimation, static fixed effects Panel models and panel data and random effects Panel models, difference GMM and system GMM estimation methods after controlling firms’ size, debt to assets ratio and executive pay and other factors. By building linear and non-linear econometric models, we empirical research influence and significance that the listed firms’ ownership structure on its non-financial performance, financial performance and comprehensive performance. On the one hand, taking company’s financial performance as explained variable, the empirical results show that the higher proportion of State-owned shares is not conducive to improve firms’ financial performance in the short term and the higher proportion of State-owned shares of the company, the worse company’s financial performance in the long term. On the other hand, taking company’s non-financial performance as explained variable, the empirical results show that all variables are in short-term effects, and there is a short U type relationship between firms’ non-financial performance and State-owned shares.Furthermore, this paper uses the sample that is selected 499 listed firms from 2003 to 2011 in China Shanghai Stock Exchange and Shenzhen Stock Exchange and evaluation results of each sample firms’ financial and non-financial comprehensive performance in each sample years. We classify sample companies as the cultural communication industry, electrical-coal-water industry, real estate industry, transportation industry, social services, manufacturing and Farming, Forestry, Animal Husbandry, Fishery industry according nine different industrial characteristics. We introduce listed firm’s proportion of State-owned shares, ownership concentration and ownership checks &balances,and build the linear and non-linear econometric models by static and dynamic panel data analysis methods. We also empirically analyze the impact that listed firms’ ownership structure in different industries on its financial and non-financial performance and comprehensive performance. The results show that different listed firms’ ownership structure has different impact on its performance when introduce the differentiation of industries, meanwhile, the result that from the level of industries’ heterogeneity of listed companies study the impact that difference of ownership structure on its performance effects has inconsistency in the long term and short term.Finally, based on the theoretical modeling and analysis, index system and evaluation, empirical models design and analysis, combined with the reform process of State-owned enterprises with Chinese characteristics, this paper comes up with policy recommendations of optimizing the ownership structure and improving the performance of enterprises from three aspects, which include dynamic adjustment of ownership structure, differentiation of ownership structure and functional targets in different industries’ enterprises.
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