An Empirical Study On Ownership Structure And Listed Companies Performance In China

Many researchers are focus on relationship of ownership structure and companies' performance, and advance different empirical conclusions. According to principle-agent theory, different ownership structures lead to different shareholders' behavior, and also have different impact on companies' performance. Therefore, it's necessary to arrange an effective ownership structure.Nowadays, circulation and deduction of state owned equity are still hot, and people focus on correlation problem on ownership structure and companies performance. The situation in China is complicated. Non-circulated share has big quotation. Circulated shareholders supervise power is weak. All of these make big difference between domestic and foreign research. This paper makes research on whether there is significant correlation between listed corporation ownership structure and performance in China.Because in China, share price can not behave real companies value, so we don't adopt Tobin Q to behave companies performance and real value. We use financial indicators like listed companies' operating revenue, net profit growth rates, earning per share and return on equity. We use correlation analyze and ANOVA method to do empirical research on 300 companies. And got conclusion: there is not significant relationship on China's listed companies ownership structure and performance. We hope this paper can be a reference to related research in the future.