Empirical Study On The Mechanism Of Ownership Structure And Corporate Performance Of Chinese Listed Firms

Since it is a prevalent characteristic of ownership structure in Chinese firms that shares are concentrated in a few large shareholders, investigating whether ownership concentration has impact on corporate performance,and if yes,how will the impact be,is a significant issue for ownership structure researches in China and has arose much attentions from academe.The purpose of this paper is to properly interpret and generalize empirical conclusion via examining the impact from multi-angle, thus provide definite reference and instruction value for ownership structure governance mechanism practice.The American and Japanese,Germany listed companies at environment who live in form of their own ownership structure and corporate governance mechanism of characteristic alone.In order to adapt to the change of their environments and promote their competitiveness,They learn from other's strong points to offset one's weaknesses each other,optimize the structure of stock right constantly and innovate corporate governance mechanism,meet market competition, guarantee the business performance of company.The ownership structure of listed company in our country is a highly centralized,holding shareholder of stock being one share big alone,State-owned stock accounting for dominant position,near 2/3 shares can not tradable,but tradable share remains holded by individual.The stock right structures of distortion result in corporate governance structure distorted.They make listed companies not to be satisfactory performance.Empirical study shows that the impact of ownership concentration on corporate performance is significant,there is a quadratic curve relation between the largest shareholder and the corporate performance,and there exist obvious U relation between the largest ten shareholders and the corporate performance,State Unit with company performance ratio negative relevance,the proportion of circulation Unit associated with the of the company performance weakly.All of this means that the mechanism of performance impact on the company's equity structure is sluggish,and comprehensive system reform is need.China's structural reform should facilitate competition,taking a highly competitive system of institutional arrangements and it has influence on the reform about the state-owned shares and legal person shares completely circulation,which has received great concern of society.