An Empirical Study On Ownership Structure And Corporation Performance Of China's Marine Listed Companies

Along with the state-owned enterprise reform, the relation between ownership structure and corporation performance becomes the emphasis that the theories field pay attention to in recent years;the reason is that ownership structure and corporation performance promotion exist an important relation. Ownership structure is a foundation that decides the corporation governance, and the efficiency of corporation governance finally represent on operation performance. Therefore, only the reasonable ownership structure can guarantee that the company obtains the good operation performance.The relation between ownership structure and corporation performance always is a domestic and international issue, an accordant conclusion still has no formation. According to the existing theories and empirical study, the dissertation tries to research the relativity of ownership structure and corporation performance of China's marine listed companies.According to the actual circumstance of share structure in China, the dissertation inquiries into the first 5 greatest shareholders' share ratio and state-owned share, corporation share and current A share holding the influence upon the corporation performance respectively, and it also puts forward to the research hypothesis. At the empirical research stage, to investigate the relation between ownership structure and corporation performance of marine listed companies, it selects 20 marine listed companies in Shanghai and Shenzhen stock market to be the samples, uses 2000-2004 years' merger data as the window way, adopts descriptive statistics and diverse linear regression methods.Empirical conclusions indicate: The marine listed companies' performance has positive relativity to the first 5 greatest shareholders' and state-owned share ratio, negative relativity to corporation and current A share ratio, positive relativity to assets size. In addition, we think that EVA is better than ROE as a criterion to evaluate the corporation performance of the marine listed companiesFinally, according to the theories of front and empirical results, combining the state-owned enterprise reform practice and the characteristics of the shipping industry, it puts foreword some policies and suggestions to optimize the ownership structure and raise the corporation performance of the marine listed companies.