Empirical Research On The Relationship Between The Concentration Ratio Of Shares And Corporate Performance Of Listed Companies Of Non-Monopolized Industries

The research of listed company's concentration ratio of shares and corporate performance has been a hot and difficult topic in the theoretical and industrial world. Different viewpoints interweave and collide, and the conclusions are far from the same. In non-monopolized industries of our country, most of the listed companies have special ownership structure, because they are changed from the state-owned companies. However, the relationship of listed company of non-monopolized industries' concentration ratio of shares and corporate performance results how exactly, this thesis tries to give an answer by empirical analysis.We use the method standard analyzes and real diagnosis analyzes to analyze the relationship between the concentration ratio of shares and benefit in listed company of non-monopolized industries. In the standard research, we introduce the relevant theories of concentration ratio of shares and benefit of company, elaborate the influence which concentration ratio of shares affect benefit of company In the foundation of standard research, we do statistical description of the concentration ratio of shares level from three aspects of index CR, H5 and Z, and we calculate the corporate performance score of the sample companies by the method of factor analysis, prepare the data for real diagnosis analyzes;In real diagnosis analyzes, 969 listed companies of 14 non-monopolized industries in Shanghai and Shenzhen stock exchange markets are chosen as the model for study among all the listed companies collected by the"Wind information finance data base"which satisfy the terms all the time from year 2003 to 2005. Then we do Pearson relation–test between the concentration ratio of shares index and the corporate performance score, the industries which has obvious relationship between index CR5 and performance score are chosen to process the regression analysis. The result shows: Concentration ratio index CR5 and corporate performance present an inverse-U shape relation in non-monopolized industries of china; concentration ratio index Z and corporate performance present negative correlation, but to the different industries, these relationship shows a significant diversity.At last, basing on the foundation of the result of analysis, we advance several policy suggestions of the optimization of concentration ratio of shares in listed company of non-monopolized industries of china.