Research On Ownership Structure And Corporate Efficiency Of The Listed Companies

As a basic factor of corporate governance, the ownership structure affects the running for the external mechanism of corporate governance and the constitution for the internal mechanism of it. Also the ownership structure influences the efficiency of the external and internal mechanism of corporate governance, and then affects the running efficiency. In our country, the ownership structure of the listed company is very particular .What is the relationship for the running efficiency and ownership structure? To be clear about this question will not only help us to find out the problem existing in the corporate governance, but also provide reference suggestions for the improvement of the ownership structure and increase of the business efficiency.We used 355 panel datas of 71 real estate firms which only issuing A shares during 2001-2005.From the perspectives of ownership constitution, ownership concentration and managerial share to total, we drawn a conclusion as followings through empirical research: the external mechanism of corporate governance is not perfect in China, so the ownership structure of relative controlling ownership is proper; If the character of the controlling ownership is not the same, its effect to the running efficiency is also different: state-owned shares have negative effects on the corporate governance, while if the controlling ownership is the corporate ,the firm will have stronger profitability generally. when the corporate shares to total reach 36.79%,the firm will get the highest ROE; It is argued that the tradable share have positive correlation with the corporate efficiency, but not remarkable; the higher the managerial share to total, the higher the corporate efficiency. Based on the result, we provide:①disposing the right ratio of the investor. The main factor is decreasing the state-owned shares, enhancing the circulation of the state-owned shares; increasing the corporate shares and conforming an ownership structure of corporate share controlling relatively; Raising the managerial share to total and enhancing the internal inspiration;②keeping the right ownership concentration under the condition of controlling the first shareholder.③solving the problem of share ownership dispatching properly.