An Empirical Study On The Relationship Between Ownership Structure And Corporate Performance Of Listed Companies

The relationship between ownership structure and corporate performance has always been a hot topic in academia at home and abroad. Being the property right foundation of corporate governance system, ownership structure is the concentrated reflection of stakeholders' rights and responsibilities in a company. Ownership structure greatly influences or even determines the allocation of corporate control and operating fashion of governance mechanism, which in turn influence corporate performance.This article is conducted to provide empirical experience for the optimization of listed companies' ownership structure through analyzing the influence of listed companies' ownership structure on corporate performance. The primary coverage of this article includes: reviewing and analyzing correlation theories and literatures to put forward the influencing mechanism of ownership structure towards corporate performance; analyzing the current situation and varying trend of listed companies' ownership structure; putting forward the design of empirical study, which involves elaborating on the selections of sample, explained variables, explanatory variables and controlled variables, hypothetical propositions and the estimation of dynamic panel data model; conducting dynamic empirical analysis on the influence of ownership structure on corporate performance to verify the hypothetical propositions of this article, and giving the analyses of the empirical results; putting forward countermeasures and policy advices based on the empirical results.Empirical results indicate: (1) Increase of the concentration of listed companies' ownership structure is conducive to corporate performance. (2) Checks and balance ownership structure is conducive to corporate performance. (3) The ratios of government owned shares don't have a significant influence on corporate performance. (4) Increase of the ratios of legal person owned share is conducive to corporate performance. (5) The shareholding ratios of top management don't have a significant influence on corporate performance. The innovation of this article: Domestic scholars mostly adopt multivariate linear regression on cross-sectional data to analyze the relationship between listed companies' ownership structure and corporate performance, which is not able to consider individual heterogeneity and the dynamics of relationship between ownership structure and corporate performance. This article applies dynamic panel data model, which is able to increase degrees of freedom, decrease multicollinearity, control individual heterogeneity, study the dynamics of adjustment, and take into account the influence of dependent variable's lagging effect.