An Empirical Analysis Of The Correlation Between The Shareholding Structure And The Firm Performance In The Chinese Listed Company

As the relationship between shareholding structure and firm performance is always a problem debated at home and abroad, there is not a definitive conclusion of empirical study on this subject yet This paper tries to examine the correlation between shareholding structure and firm performance of the Chinese listed firm on the basis of the conclusion of theory and empirical study in existence. The intention of the study is to reveal their inherence relation under the present Chinese market economy systems. The correlation is examined from two aspects: the shareholding proportion and the type of the controlling shareholder. The panel data is used in analysis. Meanwhile, using the method of combining static analysis and dynamic analysis could study the relation between shareholding structure and corporation performance of the specimen companies integrally.As a result, we find the following results: invariable or decline of state-owned shareholding proportion or controlling the corporation by the legal person (excluding state-owned legal person) are good for the corporation performance. But it is not prominence in statistic. The ROE of the corporation with an over-diversified shareholding structure falls more quickly.According to this empirical conclusion, the opinion of this paper is that in order to turn the sliding down tendency of the corporation performance radically, the most important factor is both perfect the system of the rights balance inside the corporation and the system of supervision outside the corporation, and moreover, the qualification of financing in the stock market should be more strictly. Then the corporation government will be reinforced and the legal rights and interests belonging to the minority shareholders will be protected effectively.