A Study On The Ownership Structure And Corporate Performance Of Chinese Listed Companies

The research of ownership structure and corporate performance relation is a field which is studied more than any other field by western scholars. They take over from the inside shareholding ratio which may impact on its behavior motive and the takeover market restraining the behavior of the managers etc. The research in this field can offer the reference of a certain degree for state-owned enterprise' reform of our country on the whole. There are greater differences between the reality of the listed companies of our country and developed market economy country, the impaction to the operating mechanism of listed company by the big shareholder is greater than the inside shareholder and the outside shareholder market.The empirical results of stock markets of Shanghai and Shenzhen listed companies' ownership structure and corporate performance in the year 2002 in this article show us that:There are negative effects to the performance of listed company of the sample in the state-owned stocks; positive effects to corporate performance in the corporate share. There are positive effects to the first big shareholder shareholding ratio and the first three big shareholder ownership concentration degree that shareholding ratio show to corporate performance. So, what this article attempted to explain is that our country is under this economic transition current reality, the centralized ownership of the listed companies or "dominated shareholders" can improve the performance of listed companies to a certain extent, and have its realistic rationality and positive role. Finally, this article proposes increasing other shares relying mainly on organization's corporate share on the basis of reducing the state-owned share appropriately etc.