A Study On The Correlation Between Ownership Structure And Corporate Performance Of Listed Logistics Companies

With the continuous advance of the current economic globalization, as well asChina's economic system reform and open-up deepening continuously, China'slogistics industry not only face fierce competition of domestic companies, but also thelarge foreign logistics enterprises, while the foreign companies passed varioussituations to rob the stand of our country's market quickly. If each logistics companycan not effectively improve respective competitive ability and the performance of themanagement as sonn as possible, its normal survival and a good development willface many problems and some erious problems that can impact overall economicdevelopment of the station. Therefore, it undoubtedly has sizeable theoretical andpratical value to carry on objective, comprehensive analysis and appraisal to thecurrent performance state, find problems in the course of operation of the logisticscompanies in our country, and make the effective tactics that can promote theircompetition ability. The logistics industry is the composite service industry, which isthe integration of transport service, warehousing, freight forwarding and informationindustries, and plays a vital role in country's economic development. The ownershipstructure of listed logistics companies is an important factor to examine the soundnessof a country's logistics system. The problem about the relativity between theownership structure and the performance of logistics conmanies has been heateddiscussed in logistics field. The purpose of this paper is to disclose the relationshipbetween the ownership structure and operation performance of China's listed logisticscompanies.This paper selects 45 listed logistics companies in China's A-share market duringthe period of 2006-2008 as the study sample, and test effects of the ownershipstructure on corporate performance. The content reviews the research literature andthe general theory about the relationship between ownership structure and corporateperformance, and analysis the theoretical relation between the two in Chapter 2 of thisarticle. On the basis of the general theory in chapter 2, the content in chapter 3describes the characteristics of the ownership structure of listed logistics companies.The content in 4 chapter enumerates the research hypothesis and describes the way of getting data and variable definitions. The content in chapet 5, uses the factor analysismethod to calculate the index of performance, and analyses the relationship betweenownership structure and performance of the listed logistics companies from threeaspects. The conclusions could be drawn:①In view of ownership concentration, theproportions of the largest shareholder has reversed U with the performance of listedlogistics companies；②The effect of ownership counterbalance in listed logisticsdid not show entirely, and it is generally expressed as negative governance effect；③The separation degree of ownershiop and control of the ultimate shareholders isgenerally positive correlated with the performance of listed companies, but the impactis not obvious since the regression coefficient is too small.According to the academic and demonstration analysis above, some suggestionsare brought forward to optimize the ownership structure of the listed companies asblew: the first one is to optimize the ownership concentration; the second one is tocultivate institutional investors; the third one is to strengthen external legal regulation.The characteristics of this article:①This paper based on our country's listed logistics company, analyzes therelationship between the ownership structure and corporate performance, anddiscusses the optimizing ownership structure to raise the performance of listedlogistics companies;②Using factor analysis, analysis the four indicators of listedlogistics companies: profitability, solvency, asset management capabilities and growth,and obtain a composite indexe to describe the performance of listed logisticenterprises.