An Empirical Analysis Of The Relationship Between Ownership Structure And Corporate Performance Growth

Chinese listed companies are born out of traditional enterprises, especially state-owned enterprise in the transition from the planned economy to the market economy. During the past twenty years we have got some achievements through the innovation, but it is inevitably have some institutional defects that require constant reform in listed companies. It becomes a main problem that listed companies' performance is dissatisfactory because of the irrational ownership structure. Ownership structure is an important part of corporation governance. The different ownership structure will form different corporate governance and a rational ownership can promote the betterment of governance efficiency and increase of performance.The domestic and foreign related ownership structure and the performance quite is full, also has obtained many research results. However all has not formed the conclusion in many aspects, therefore this paper take example by the domestic and foreign research, has analyzed Chinese listed companies' ownership structure and performance growth. Emphatically obtains ownership structure on microscopic level -ownership nature and ownership concentration, elaborates separately its' influence and take petrify industry listed companies as the sample, carries on empirical analysis.This paper takes Chinese petrifies industry listed companies' data as a sample which is from 2000 to 2005, uses the linear return the method to analyze the influence between ownership structure and performance growth. The empirical result shows that, state-owned stock and the legal person stock have the frontage function to the performance growth, the social public stock and the performance growth not obviously affects, the high-level administrative personnel stock doesn't have the driveling effect, the first major stockholder and the achievement growth assumes but actually the recessional U relations. The reason is various, mainly includes: the petrified industry companies is the pillar industry, the government supplies the many support policy; the legal person stock share, has the intense motive which participates company governance; the social public stock owns stocks is small and also very dispersible, is unable to participate company governance; the higher management owns few stock-share, still doesn't have formed the corresponding drive mechanism; when the first major stockholder owns stocks the proportion is low, along with owns stocks the proportion the enhancement, the enthusiasm which they participate company governance strengthens, it's advantageous the enhancement in performance growth ;...