Analysis Of The Correlation Between The Shareholding Structure And Firm Performance In The Chinese Listed Companies

Shareholding Structure of listed companies is very important component of corporate governance. This paper firstly deeply analyzes the Shareholding Structure of Chinese listed companies. The result shows that the traditional classification of Shareholding Structure has some drawbacks. It can't objectively reflect how government controls listed companies. Based on the analysis above, this paper reclassifies the Shareholding Structure of Chinese listed companies according to the principle of ultimate ownership, Considering the industry influence in the meantime, it also analyzes the structural impact on company's performance according to competition intensity difference of different industry at the same time. Moreover, in company's performance index chosen, this paper introduces the cash rate of net assets, in order to avoid the deficiency of research as a result of only adopting the traditional profit index.This paper regards modern economics theory and enterprise's theory as guidance, draws lessons from the foreign latest research results and front theory, adopts the method which combines determining nature research and quantitative analysis, comparative study and comprehensive analysis, standardized research and real example analysis together under the guidance of economics, enterprise theory, system economics, real example accounting and econometrics theory syntheticallyThis paper empirically studies how Shareholding Structure of listed companies influences corporate performance from such two angles: Intensive degree of share ownership and ultimate shareholders' property. The empirical result shows: (1) The way that the state controls listed companies has developed to indirect controlling featured as pyramid shareholding schemes, and such pyramid shareholding schemes is very common in Chinese listed companies. (2) Chinese listed companies' ownership is high concentrated and the regression parameter between intensive degree of share ownership and corporate performance is significant. (3) In the mixed sample and the spinning and weaving industry sample, the proportion of state-ultimate-owned share and non-state-ultimate-owned share significantly related to corporate performance. But in the sample of public utilities industry and machine manufacturing industry, there is no significant correlation ship between Shareholding Structure and corporate performance. This paper also compares and analyses theperformance of state-ultimate-controlled listed companies and non-state-ultimate-controlled listed companies. On the base of the amylase above, this paper gives some corresponding policies and suggestions.