Research On Impact Of Ownership Structure And Integrative Performance Of Listed Corporations In China

At the present time, our country is carrying on a corporation reformation of establishing modern enterprise system, which can definite the property rights, separate the government and the corporation, perfect the corporation institution of supervising, constraining and motivating. As the foundation of the property rights of the corporation governance structure, the ownership structure determines the composing and running of the internal and external corporate governance mechanism and influences the corporate performance. In our county the ownership structure shows the strong path dependency. It is considered that the important reason of the ineffectiveness of the corporate governance is the special ownership structure, such as state-owned shares. What is the correlation between the special ownership structure and the corporate performance? Whether does it exist generally or play different roles in different types of corporations? It contributes to find out the defects in our country's corporate governance structure, and also can offer the helpful suggestions of optimizing the ownership structure. Firstly, this paper concludes and summarizes the conceptions of the corporate governance structure and the various kinds of the internal and the external governance institution. Secondly, by the standard of the concentrative degree of the ownership, this paper analyzes and discusses the effects system in details of the corporate performance, such as the motivating, supervising, M&A, competing of the dealership, policymaking, etc. Thirdly, according to the practical situation of the ownership displacement in China, this paper investigates the influence against the corporate performance by the different subject, such as the institutional shares, the state-owned shares, the public shares, etc. And put forward the research conjecture in addition. Fourthly, collect the data of 900 specimen copies from five industries of the listed corporate, separately inspect the correlation between the different industry's ownership structure and the integrative performance, and find out that there are different influences in different industries. Finally, based on the theoretical analysis and the results of the empirical study and in combination with the establishing course of our countries modern enterprise's system and the current corporate governance environment and institution, this paper put forward some helpful opinions and suggestions to the optimizing of the ownership structure.