A Study On The Ownership Structure And Corporate Performance Of Chinese Private Listed Companies

The distortion of ownership structure has been thought as the key cause to result in low efficiency of operating performance of Chinese Private listed companies in theory researching as well as in practical operation.Hence research on the relationship between ownership structure and operating performance has attracted numerous researchers' interest and becomes important task with broad concerns.First this paper analyzes existing researches and relative basic theories,then compares the three typical ownership structure modes in the world and tries to reveal the relationship between the two aspects based on existing theories and positive research.This paper mainly bases on the data of part of Private listed companies from 2005 to 2007,and uses concentration rate of shares as independent variable,operating performance as dependent variables while the control variables are company's size,asset structure and the company's ability to grow.It uses positive methods to study on the relationship between ownership structure and operating performance.The main results are as follows:First,The controlling Shareholders' Behavior has little consistent characteristics;Second,the Completion of Private enterprise's listing is only a transformation of Shareholder Property.According to the above results,there are some suggestions:Perfect the System of enterprise bankruptcy and Delisting System of Listed Company in China;Cultivate and Improve the market of professional manager;Encourage Private enterprises to be listed overall directly;Optimize the Ownership Structure,Accomplish ownership's Diversification and externalization;Strengthen Purchasing of Private Listed Companies and attorney rights capture Management;Regulate the Capital Market and Construct Harmonious Legal system environment.