Research On The Relation Of Ownership Structure And Firm Performance Of Listed Companies

The ownership structure and firm performance of listed companies has been being a hot topic being focused by researchers in and out. In recent years, reform of non-tradable shares in our country changed many listed companies' ownership structure. Based on this background, it takes the listed companies of real estate industry as objects, through the method of combining theory analysis with empirical analysis, researches the relation between listed companies' ownership structure and firm performance after ownership structure reform and provides countermeasure suggestions.This paper is based on research ideas, such as theory research, empirical testing, and countermeasure suggestions.At first, it introduces the fundamental theory of ownership structure and corporate governance. Then it sets up a relation model among ownership structure, corporate governance and firm performance. It is followed the detail analysis on the transduction machinery ownership structure influences firm performance form two aspects like the concentration of ownership and the property of ownership. Analysis suggests that firm performance is closely correlated with ownership structure and corporate governance. Only the reasonable ownership structure can ensure perfect corporate governance and then ensure better firm performance.On the basis of theory analysis, a series of empirical analysis have been conducted on realty listed companies for the relation between ownership structure and firm performance. Two groups of multi regression analytical models have been built in two aspects like the concentration of ownership and the property of ownership. Empirical results show: the concentration of ownership is significant "∩-style" related with firm performance; the percentage of the state-owned shareholding is negative related with firm performance; the percentage of law persons shareholding is positive related with firm performance; the percentage of the tradable shareholding is nothing related with firm performance.The last chapter combines the results of former theoretical and empirical analysis, lodges the recommendations for optimizing ownership structure and improving corporate performance of our real estate industry listed companies, including these five specific aspects : (1) Implementation of stock ownership checks and balances; (2)Developing institutional investors vigorously; (3)Concerning to protect the rights of minority shareholders; (4)Strengthening market supervision and the building of legal system.