An Empirical Research Of Ownership Structure And Business Performance In Private Listed Companies

Ownership structure of listed companies has been a hot issue of the theory and the practice。With the continuous advance of the private economy, private economy of the national economy plays an increasingly prominent role, but the research of ownership structure in the private companies is still not enough. In this context, it is very urgent and necessary to research of equity structure of private listed companies, and it can make sure private listed companies develop healthy, flexible. The ownership structure plays an important role for corporate governance, business prospects and future operating performance,. What is the status of the equity structure of private listed companies? How to configure and optimize the equity structure of private listed companies to enhance their business performance? These questions lead us to discuss deeply from the perspective of corporate governance performance of listed companies private.The corporate governance model is determined by the equity structure, while the corporate governance will affect the business performance. Ownership structure characteristics of private listed company is unique that means the relationship between business performance and that ownership structure of private listed companies is also unique. Therefore, we would like to get the characteristics of the equity structure of private listed companies based on the analysis about the status of equity structure. At rhe same time according to characteristics to analyze the effection of the business performance under the ownership structure in private listed companies. It will has some academic value for further research between ownership structure of private listed companies and business performance, further more it also will has a certain practical significance to the optimization of private equity structure of private listed companies.We analyzed the impact of corporate performance based on the private ownership structure of listed companies by using of commission agents, equity balances degree and balances, internal control and other theories in this paper, and got the following assumptions:(1) ownership concentration to business performance has a positive correlation. (2) equity balances degree to business performance has a positive correlation. (3) managemant shareholding to firm performance are positively correlated. We selected the data from 2006 to 2008 for three consecutive years by the privatization and direct listing before 2006 in Shanghai and Shenzhen A shares of private enterprises as the study sample, and use ownership concentration, the degree of checks and balances, and management equity ownership as the explanatory variable. We would like to come to the relationship between firm performance and ownership structure through the empirical test. The empirical results show as below:(1) the largest stake R1 and business performance is positively correlated under the same condition, but not significant. (2) ownership concentration H5 and business performance show a significant positive correlation under the same conditions. (3) equity balances degree Z5 and firm performance is significantly positively correlated under the same conditions. (4) the management shareholding and firm performance is positively correlated under the same conditions.The thesis is divided into five parts, the detailed structure as below:Chapter 1 is an introduction, introduces the research background and significance, methods and ideas and the basic framework of this thesis. Chapter 2 is the literature review, summarizes the status of research of domestic and foreign scholars and evaluate the literature of these studies mainly on ownership concentration, equity balance degree and insider ownership. Chapter 3 is the theoretical analysis and research assumptions, analyze the effects mainly from ownership concentration, equity balance degree, the management shareholding to the business performance and come to the hypotheses progressively. Chapter 4 is empirical analysis, check separately this part of the assumptions according to the theoretical analysis, including sample selection and data sources, variable definitions and descriptions, and tests the research hypothesis put forward in Chapter 3 using methods as descriptive statistics and linear regression analysis. Chapter 5 sums up the conclusions of this paper, brings up relevant policy-related suggestions, and finally points out the inadequateness as well as future research directions.