Empirical Research On Correlative Impact Of Ownership Structure And Corporate Performance Of Listed Corporations Based On Reform Of Segmentation Of Stocks In China

As the property right basis of corporate govermance systerm, equity structure determines the corporate right of control structure and then the structure and function of coporate internal govermance, thtough which, equity structure can further affects the efficiency of the entire corporate. As in China, situation is much different. When the stock market firstly began to develop, as a result of the design of the system, stocks were artificially compartmentalized into tradable stocks and non-tradable stocks. Corporate governance in China based on a contorted equity structure form the beginning. Because of the unreasonable equity structure,there are the serious flaws in corporate governance and the corporate performance is influenced strongly. Via the innovation of the non-tradable stocks, we can improve the corporate performance from the fundamentality.The reform of segmentation of stocks is beginning in 2005.The reform is used to solve the problems of reducing the non-tradable state-share and circulating to achieve the comprehensive circulation. Via the reform ofsegmentation of stocks, how is the change of ownership structure, whether the reform improve the corporate performance of listed company? What is the correlation between the special ownership structure and the corporate performance after the reform? What is the affected reason of correlation? This paper contributes to find out the defects in our country's corporate governance structure, and also can offer the helpful suggestions of optimizing the ownership structure.Firstly, this paper summarizes the internal and the external literatures and the theories about ownership structure and corporate performance.Secondly, this paper collect the datas of 192 specimen of the listed companies. Used the factor ananlysis to count the integrated score to scale the change of corporate performance of listed companies and describe the ownership structure of listed companies after the reform of segmentation of stocks.Thirdly, this paper make the corporate integrated score, the ownership structure and the corporate scope to the varialble. Basiced our country's actuality after the reform,we suppose the correlativity between ownership structure and corporate performance and hypothetic test and confirm the correlativity by linear regression. The empirical results show that: corporate performance is significant"U-style"related with the state-stock, proportion of prima stockholder; tradable stocks and Z index have a significant direct correlation with corporate performance; proportion of forward five stockholder,corporate scope and the balanced degree of ownership have a negative correlation with corportate performance; the index of H5 has little effect with corporate performance.Finally,based on the theoretical analysis and the result of the empirical study, this paper put forward some helpful opinions and suggestions to the optimizing of the ownership stucture to improve corporate performance.