Study On The Relationship Between Ownership Structure And Performance Of Listed Company Facing Upcoming Full-circulation

The relationship of ownership structure and performance is a very important field of corporate governance research.Making it clear can throw light on promoting the development of state-hold enterprise.On April 29,China Securities Regulatory Commission started the Reform Plan about stocking structure,also can be explained as Separately Treating the Capital Stock and Equity Capital.The core content is to find a way to solve the scale-down,transfer and circulation of state-owned shares which cannot be traded freely before,thereby realize the capital market as the affecting role factor in source distribution.What is the result of this Reform Plan which has lasted over 3 years? Is there any influence on company performance brought by controlling shareholder?Base on these questions,this article reviewed the theories of the property right, separation of ownership and control,transaction cost and principle agent.Doing on the base of the research result on ownership structure and company performance,this article makes up the research frame,and gives out these five research hypothesis:the companies whose biggest shareholder is state-owned share perform bad than others after the reform plan;the companies whose biggest share is national share perform bad than those companies whose biggest share is national-corporate-owned share after the reform plan;the companies whose biggest share is not national-corporate-owned share perform better than national share and corporate-owned share after the reform plan;the-lower the rate of national-state-owned share,the better the company's performance;the relationship of equity concentration and performance presents the Inverted U-shaped.To empirically verify the research hypothesis,the article chose 241 sample companies from the 300 index of Shanghai and Shenzhen Stock Markets(Jun 4^th,2008),eliminate the financial-related company,ST stock,S stock,and researched on the data before and after the reform plan.Using ROE and earning per share as the guideline,the article classified the biggest shareholder as five categories:national share,national corporate share,corporate share,foreign capital share and national-person-owned share and do the reach on their relationship with company performance.The empirical study found that:(1) the companies whose biggest shareholder is state-owned share perform badly than others after the reform plan;no notable difference of the company performances whose biggest share is national share and corporate-owned share.No notable difference either between the company performances whose biggest share is national-corporate-owned share and corporate-owned share.(2) the rate of national-corporate-owned share has obvious influent on the company performance.Based on relevant analysis and regression analysis,the article found that the proportion of state-owned legal person shares ownership with the company's performance was a positive correlation,while state-owned shares in the shareholding ratio of non-state-owned shares and legal person shares and the proportion of company performance is not significant.(3) Equity concentration significantly affects company performance.There is an "Inverted U-shaped "relationship between company performance and the percentage of the biggest shareholder,top 3 shareholders and top 5 shareholders.