An Empirical Study On Ownership Structure And Corporate Performance In Chinese Listed Firms

Recently, with the development of the economy, the stock market also develops rapidly. The number of the listed companies increases quickly. The research of the relation between ownership structure and corporate performance is a field which is more and more interested by scholars. The research indicates that ownership structure has influence on corporate performance. But how ownership structure influences on corporate performance, different scholars have different results.In this paper, the first part introduces the theory of ownership structure and reviews on relevant researches. In the second part, we analyze the relation between ownership struct- ure and corporate performance based on theory. The third part analyzes ownership structure of Chinese listed firms. Through the regression analysis, the forth part studies how ownership structure influences on corporate performance. Finally, based on the results, we put forward some proposals.The conclusion: there is not a simple linear relation between ownership structure and corporate performance, but a quadratic curve relation. Ownership concentration has a positive influence on corporate performance. In the competitive industry, the corporation shares ratio is positively related to corporate performance, in the uncompetitive industry, the state-owned shares ratio is positively related to corporate performance. At last, we put forward some proposals as following: 1. We should keep the propotion of the state-owned shares in the uncompetitive industry and decrease the propotion of the state-owned shares in the competitive industry, and increase the corporation shares ratio 2. keep proper ownership concentration.