Research On Ownership Structure And Performance About Listed Companies

The ownership structure has been developing to a hot area of academic researchin finance society and corporate governance, whether home or abroad. The researchindicates that ownership structure is the property right foundation of corporategovernance structure. The internal ownership structure of a corporate, which is thenexus of contracts, will directly influence the formation, operation and performance ofcorporate governance. Most listed companies in China are reformed from state-ownedcompanies, and their ownership structures are special. China's stock market is still inits infancy. In China's far-from-developed stock market, where state ownership is inabsolute control, the relationship between ownership structure and firm performanceis a key problem of interest. Both theoretical and empirical research should developthe theory of corporate governs and rich the theory of corporate performance. Theyalso should shed some lights on the further corporate reform.This paper examines the relations between ownership structure and firmperformance both in theory and by evidence. There are four parts in this paper: section1 we introduce the background and the significance of the research, and summarizesthe structure of the paper and review the theoretical researches both at home andabroad. Section 2 we investigate the correlation concepts and theories aboutownership structure and firm performance, and try to explain the theoretical analysisof their relations. Section 3 we try to give the analysis deeply by evidence from thelisted company samples in 2005, separately from the stockholder's identity, theconcentration of the ownership, the manager ownership and the circulation rate of thestock. Section 4 we draw the conclusions based on the theoretical researches andregression analysis and puts forward several suggestions.According to the researches, we know that the circulation rate of the stock is solimited, the ownership is deeply concentrated by state owner, the market of exteriorgoverns affects limitedly. The opinion of this paper is that to improve the firm performance of the listed company, we can sell-of state-owned shareholding throughbeing appropriate, increase the shareholding ratio of the corporate share, keep properownership concentration degree, evolve multiple unit equity ownership main staywithin limits, heighten circulation rate of corporate stock, set up effective inside rightcheck and balance the mechanism and set up and amplify perfect external supervisionmechanism.The innovation of this article lies in the unification between the economicanalysis and the using of accounting target, which provides a new field of vision forthe research. And considering the effect of profession in empirical research will causethe proof to be more scientific and has more persuasive power.