The Research On Ownership Structure And Corporate Performance Of Private Listed Companies Of Zhejiang Province

Ownership structure is the foundation of corporate governance which determines the control structure of corporation. It farther bring out the constitution and operation of the interior corporate mechanism which effects the efficiency of corporate governance, and effects the corporate performance finally. Therefore, Only establishing reasonable ownership structure can guarantee perfect corporate performance.This dissertation analyzes the correlation between ownership structure and corporate performance of private listed companies of Zhejiang province qualitatively and quantitatively by means of statistics and econometrics methods. The pooled data of 50 companies from 2002 to 2004 is used in analysis. The correlation is examined from two aspects: the ownership concentration and the ownership constitution. ROE is used to analyses corporate performance.Several conclusions have been drawn. Firstly, Proper ownership concentration is beneficial to the improvement of corporate performance.Secondly, compared to the inefficiency of state-owned shares and circulation shares, the percentage of shares held by natural persons is positively related with corporate performance. Thirdly, the proportion of corporation shares held by the largest shareholder is positively related with corporate performance but other percentage is negatively related with corporate performance.At last according to the conclusions the relevant suggestion is that ownership dispersal shouldn't be advocated at the moment and proper ownership concentration will help improve corporate performance. In addition, endeavored to collaborate well enough on Share Merger Reform in order to strengthen external supervision and enhance the control of the behavior of listed company.