Study On The Influences Of Ownership Structure To Corporate Performance About Chinese Listed Companies

Equity structure decides how the residual control and residual claims divided among the investors, different equity structure shows that the benefits and rights are distributed among different investors,it will lead to different corporate governance and different firm value. So, the structure of stock right is closely linked with enterprise performance. But not the stock right structure factor exerts a great influence on the enterprise performance. The author can analyse out the following logic of influencing the company performance of structure of stock right from the theory: The ownership structure and corporate governance based on it adapt to its arrangement of formal system and unofficial system of living in the environment in the listed company, Adapting to the market competition, it is unblocked that the structure of stock right influences the mechanism of the company performance, and ownership structure effects corporate performance prominently; Good corporate governance mechanism makes players benefit equilibrium each other in the game and maximize enterprise value.The American and Japanese, Germany listed companies at environment who oneself live in form their own ownership structure and corporate governance mechanism of characteristic alone. In order to adapt to the change of their environments and promote their competitiveness, They learn from other's strong points to offset one's weaknesses each other, optimize the structure of stock right constantly and innovate corporate governance mechanism, meet market competition, guarantee the business performance of company.Observe from reality that the ownership structure of listed company in our country is that a highly centralized, holding shareholder of a stock right being one share big alone , State-owned stock accounting for dominant position, some 2/3 shares not tradable , but tradable share relying mainly on the fact that the highly scattered individual holds it. The stock right structures of distortion result in corporate governance structure distorted. They make listed companies not to be satisfactory performance.We drawn a conclusion as followings through empirical research: The ratios of State-owned stock to total shares, tradable share and managerial share to total shares are not remarkably correlated with corporate performance; The ratios of institutional shares and first big stockholder are positively correlated with corporate performance, and the first non-state-owned legal person big shareholders influence corporate performance more significantly than the first state-owned big stockholders do. But most of them are only significant at the 10% level, and the values of Adjr2 for all regression models are relatively small. All these conclusions mentioned above indicate that the mechanisms of ownership structure impacting firm performance are not smooth. We must carry on the overall and systematic reforms. It reforms the stock right structures of China favorable to competition and forms highly competitive system arranged. There is meaning of slip quality of cards to reform that state-owned stock, corporate share circulating completely which the various circles of society pay close attention to very much at present in this.