Research On The Relationship Between Ownership Structure And Corporate Performance And Industrial Competition

In theory of corporate finance, the relationship between ownership structure and corporate performance and industrial competition has always been controversial highlight in the fields of research. There have not been concordant consequences whether the ownership structure exists that is beneficial to the improvement of corporate governance and industrial competition. In our listed companies, during twenties-six years' reform of economic system, state-owned enterprise has been gradually forward, but there are many problems. This thesis takes the relationship between ownership structure and corporate performance and industrial competition as research object for the sake of revealing the triangular internal correlation through systematic analysis and providing policy recommendation on the corporate system reform and modern enterprise institutional arrangement.Trough theoretical analysis an empirical analysis, firstly, the thesis discusses the relationship of ownership structure and corporate performance, then the present situation of our listed companies. Secondly, the thesis analyses the correlation between ownership structure and industrial competition. On this basis, the thesis tested the results of theoretical analysis through linear regression model. Last, the thesis provides policy recommendations on the corporate system reform and modern enterprise instructional arrangement.In theoretical analysis, the thesis systematize the whole industries based on market shares of state-owned enterprise three types, the government fully monopoly market, monopolistic competition market dominated by state-owned enterprise, general competition market.In empirical analysis, the thesis selects three industries from these three different markets, through linear regression model, the results shows: (1) ownership concentration has positive effect on corporate performance; (2) the relationship between market share of state ownership and corporate performance depends on industrial competition.Based on these conclusions, we have some policy recommendation: (1) Ownership concentration should be kept properly in Chinese Listed Companiesand the shareholding percentage of large shareholders should be declined to achieve ownership control; (2) On the basis of industrial competition, the companies should decrease the percentage of state-owned shares, (3) Obliterate unreasonable rampart and enhance industrial competition; (4) Improve and enforce the legal investor protection; (5) Standard agency in stock market.