An Empirical Analysis On Shareholding Structure To Corporate Governance About Listed Company Of Guangxi

Ownership structure plays a fundamental role in terms of corporate governance and therefore is an important factor determining the whole institutional arrangement of Corporate governance. Different Ownership structures have distinct impacts on the shareholder ability and the motive which will implement to the managers' controls and supervises, affect manager's policy-making behavior, at last has influence on the corp.performance and corp.valuation. So in order to improve the corporate governance ,we should construct the optimization of ownership structure.This paper studies a group of listed companies in GuangXi that had issued their stocks in Shengzhen&Shanghai Security Exchanges from 2001 to 2006. After comparing it with the structure of shares ownership of the shareholding division epoch, the result shows that the first share holder's control power decreases relatively ,the ownership concentration ratio of listed companies is still high, the proportion of state share and the proportion of corporation share decreases, the proportion of current share increase step by step and the management shareholding is still low.This paper designed an index system measuring the operating performance , such as the debt ability,the profit ability,the growth ability and the property management ability of listed companies, utilized principle component analysis method to make positive analysis and comparative study of this 12 financial idex, to make empirical study of ownership structure.This paper presents empirical study of ownership structure and operating Performance of GuangXi listed companies. It analyzes their relationship through multiple linear regression and other methods on the basis of the pooled data. The conclusions from this empirical study are as follows: operating performance is negatively related to the scale of state-owned stocks; the ratio of legal shareholder take on moral "U" relationship with the operating performance that the minimizing fraction being 27.82%; Meanwhile, empirical results show the relation between the ratio of circulate shareholder and operating performance present an inverse-"U" shape with the maximizing fraction being 60.46%; operating performances are negatively related to CR₁,positively related to CR₅ and H₅, while have no line relationship with Z.According to empirical analysis conclusion, this paper presents practical measures such as optimization of ownership structure,incentive mechanism to top-managers,reforming shareholders voting system on the features of GuangXi listed companies'ownership structure,bank play an important disciplining role in the market for corporate control.