The Relationship Between Corporate Performance And Ownership Of Listed Firms In China

In the area of finance, equity structure and the relationship between enterprise performance has been considerable concern, but theorists of the equity structure and enterprise performance between the existence of an intrinsic link and interaction between the two is how, to date, have not yet reached consensus.The stock 300 listed companies selected as a sample of companies, from the nature of equity and equity concentration starting two studies analyzed the listed company's equity structure and the relationship between the performance of enterprises, and further to control the type and ownership of the relationship between business-performance for the empirical analysis, descriptive statistics showed that: The ratio of state shares of listed companies, corporate shares and the proportion of the flow ratio of the average unit respectively 28.5% and 32.15%, 35.95%;largest shareholder equity ratio of 47.3% for the average, which is 49.1% of the largest shareholders of a listed company equity ratio of more than 50%;equity ratio of 0.85% for the average internal shareholders.From the nature of our shares, stock concentration, and internal shareholders holding shares with the three control several types of performance indicators regression analysis. Reach the following conclusion: the corporate shares held higher than the ratio of favorable to business and circulation unit performance;Excessive concentration of ownership of enterprises with excessive fragmentation is not conducive to performance;internal shareholders holding and enterprise performance inverted U-curve relationship;corporate performance over state-controlled holdingcompany-type companies, the state-holding company performance over decentralized holding company.Based on the above findings, the paper further optimizes our shareholding structure of listed companies;improve the efficiency of a number of corporate governance policies.