Research On The Relationship Between Ownership Structure And Performance Of Listed Companies

As a form of modern enterprises,joint-stock company causes a series of problems because of decentralization of ownership structure and separation of property and management when it meets enterprises'needs of big scale, socialization and specialization.Ownership structure is the basis of structure of corporate governance,which has a close relation with corporate governance and corporate behavior.Reasonable ownership structure has important effect on improving corporate governance and behavior,lifing governance efficiency and advancing managing performance finally.Since Chinese innovation and opening,Chinese reconstruction of corporate system has made a prominent advance.But with the deepening of innovation,ownership structure of listed companies gradually exposed some problems such as"dominated shareholders"and excessive centralized ownership.Owing to these problems,corporate governance can't be improved,governance efficiency can't be lifed and corporate performance can't be advanced.So, researches on relation between ownership structure and managing performance have a important sense.Since 1970's,researches on the relation between ownership structure and corporate performance got a steady progress,but these researches mostly focused on listed companies of European and North America.After 1990's,Chinese scholars made broad researches on this thesis also,but researches of Chinese scholars indicates many differences with those of western scholars.Western researches focus on how"insider control"and concentration rate of shares affect corporate performance,whereas Chinese scholars concerned characteristics and circulation of shares more thanks to the uniqueness of Chinese capital market.Now these researches are still far from unanimity due to following reasons:first,the indexes adopted to weigh the corporate performance of Chinese listed companies are false owing to its'being manipulated;second,these researches mostly care the direct relation between ownership structure and corporate performance,but there are corporate behavior between them.Besides,researches on this thesis need considering unique characteristics of Chinese listed companies.This essay comprises four chapters.Chapter one mainly introduces several conceptions about ownership structure and reviews the researches on the relation between ownership structure and corporate performance from the angle of concentration rate of shares.Chapter two first introduce the theory of Two Rights Separation and the Principal-Agent theory,which are the theoretical basis of the relation between corporate structure and corporate performance.Subsequently it discuss the relation between ownership structure and corporate performance from three angels in turn:first,costs and benefits of shareholders;second,corporate governance;third,corporate behavior.Chapter three is empirical part.It analyses the data of Chinese manufacturing listed companies of 2003 and 2004 on the basis of previous theory analysis and draws a conclusion.On the basis of theoretical and empirical analysis,chapter four analyses dominating problems of Chinese listed companies in ownership structure and corporate governance.Finally,this essay puts forward corresponding advices.This essay's peculiarity lies on two aspects:first,integrating ownership structure ,corporate governance ,corporate behavior and corporate performance to construct a comparatively strict framework;two,adopting actual share amount of shareholder in empirical analysis.Shortage existing in this essay mainly is only selecting one index to represent corporate performance.