An Empirical Study Into Ownership Structure, Firms' Performance And Corporate Governance In Chinese Stock Market

The economic relationship of ownership structure, company performance andcorporate governance is hot issue of economic circles, enterprise theory circle andcapital market research. This paper thinks that in above-mentioned three relationship,the ownership structure is the core in the three relationship. So, the first step we shoulddo is to carry on the analysis of the mechanism aspect of economics to the ownershipstructure. The first part carries on researches from the nature of enterprises, action forthe cost and ownership structure, which aims at announcing inherent encouragementand influence factor that the ownership structure or the ownership form. Afterexplaining the ownership structure theories of Jensen&Meckling and Demsetz&Lehn,the paper analyzed ownership structure, inherent mechanism and theories in this respectof the west and our country of survey of document and research results of firms'performance relation in the second part. On this foundation, it analyzed the relationshipof the ownership structure of the listed company of our country and firms' performancein the third part , this paper thinks , (1) there is dependence in ownership structure andfirms' performance; (2)One share of level of the national shareholding ratio in thecompany is not a main explanation variable of explaining the benefit level of listedcompany, but that really influenced company's benefit is the ownership concentrationdegree, it is the better to be but not the more centralized; (3)No matter how the first bigshareholder's nature is, it is essential to break the monopoly position of the first bigshareholder, so, the structural adjustment of ownership is not to the state-owned stock,but direct against the first big shareholder's; (4)The competitive stock right structuremay be a primary objective of the structural adjustment of ownership. The fourth part isputting forward the way of corporate governance: (1)Effective punishment of behaviorof failing; (2)Solve the cost problem of agent of government's ownership ; (3)Ensure IIshareholder's right; (4)Strengthen the function of the board of directors; (5)Develop thecontrol power market of the company; to reach and adjust the ownership structure,making the ownership structure of the listed company centralized moderately, andforming the competitive ownership structure, thus give security in order to improvefirms' performance.