An Empirical Research On The Relationship Between The Structure Of Ownership And Firm Performance Of High-and-New-Tech Listed Companies In China

The structure of ownership is an important part of the structure of corporate governance. Its influence on the listed firm performance attracts the widespread concern of the theories field. The conclusions of each empirical analysis are different because the difference of data type, index and so on.Using the Empirical Research method, this thesis specially analyses the relationship between the structure of ownership and firm performance of high-and-new-tech listed companies in China. Using the selected data, it concludes: the relationship between ownership centralization extent and long-term firm performance is a cubic equation model; the relationship between the rate of state ownership and long-term firm performance is negative; the relationship between the rate of juridical person ownership and long-term firm performance is positive; the relationship between the rate of current ownership and long-term firm performance is negative; the relationship between the rate of managerial ownership and long-term firm performance is negative because the rate of managerial ownership is very low in high-and-new-tech listed companies in China .The conclusions on the relationship between the structure of ownership and the short-term firm performance is opposite to that on the relationship between the structure of ownership and the long-term firm performance.According to the conclusion, the thesis bring forward some advice: Keep appropriate ownership centralization extent; reduce the rate ofstate ownership and increase the rate of juridical person ownership; setup reasonable structure of juridical person ownership; make state ownership and juridical person ownership current; perfect incentive and restrictive mechanism to manager; perfect securities business and strengthen external supervision.