Empirical Study On Ownership Structure, Capital Structure And Performance Of Listed Companies In China

Always in the past, research on the ownership structure, capital structure and corporate performance catch attention of scholars home and abroad. The ownership structure is the basis of property right of company governance. It have decided the composing and the operation of governance mechanism inside of entire company .The capital structure is an important aspect of the company governance. It can hold to have the function through the ownership and legal rights to moderate the benefits; and behaviors of the investors and the creditor, internal shareholder and the creditor. Both may produce certain effect on the corporate performance of the listed company by the governance mechanism. After all how the ownership structure, capital structure affect the corporate performance , neither have a unified conclusion so far as well as first .The relationship is always the hot spot problem that the scholar studies at home and abroad.The ownership structure of the listed company in our country is very special. It differ from British and American types of take the organization investor as the main ownership, also differ from Germany and Japan type of take financing institution as the core and the business enterprise corporation mutually hold ownership. Because of the history, understanding, realistic reason of etc. the ownership structure of the our country listed company became the special ownership structure mode of oneself. The proportion of State-owned accounting for dominant position, the proportion of tradable shares is small.Stock right concentrates to single shareholder, the first major shareholder often has the absolute control over the company. And the capital structure of the listed company of our country also differs from other country, the listed company of our country usually has the strong preference to ownership financing, the property liabilities rates are always low.The article analysis to the related theories of ownership structure, the capital structure and give empirical analysis on the data of the listed company of 2005. The empirical results show as follow: It exists the positive relation between the proportion of state-owned stocks and corporate performance, because its special ownership attribute can bring the positive influence to the company by the policy etc. factor; corporate shares are positive correlated with corporate performance,it shows that the governance mechanism of listed company in our country are not so good, corporate shares lack to participate to manage actively to improvement the corporate performance with the ability; tradable shares are not correlated with corporate performance, the stock market is short of efficiency under the condition that minor shareholder is short of protection current in our country,the stock market has no way to bring function itself, the behavior of the tradable shares still being to "thumb a lift". The first major shareholder is positive correlated with corporate performance only when the proportion is above 50% and not correlated with corporate performance when it under 50%. The rate of debts is negative correlated with corporate performance, this accords with the status of our country currently. The listed company of our country usually has the strong preference to ownership financing,they don't make use of liabilities to improve corporate performance rationally.At last, this paper gives several related suggestions about the corportate governance,and about the optimization of ownership structure, capital structure of the listed company.