Study On Mould Of Ownership Structure And Corporate Performance In China

In recent years, economists have found that the irrational ownership structure (especially the high stock concentration level) led to the unreasonable equity oenership structure, which affect the company's performance. April 30, 2005, the China Securities Regulatory Commission issued the "Circular on Issues concerning the Pilot Reform of the Split Share Structure Reform of Listed Companies," which changes the equity ownership structure of listed companies. At this time, using of the date of 2000～2007, validate the mould of reversed"U"between ownership structure and corporate performance emphasisly, analyse the other aspects. Basing on the principal-agent theory, incomplete contract theory, as well as corporate governance theory, introduces the suggestion of perfecting the ownership structure progressively.First of all, combined with China's special conditions, by the comparison of total share capital, ownership structure and corporate performance over the years: the proportion of state shares pose a slow decline; legal person shares an absolute increase in volume; the proportion of the outstanding shares has an upward trend; The first stock holder has control over the relative reduction; and the top 10 stock holders still have a high degree of concentration. After the reconstruction reform of share separation, the enterprise's financial performance has increased abundantly, for the promotion of enterprise's financial performance, the reform has a positive role. According to the reality, we can do the empirical research, afford practical conclusions and recommendations.Secondly, we use the indicators of corporate ownership structure and performance to do empirical research. The evidence showed that the company will be operating performance with the concentration of ownership first and then decreased, showing a mould of reversed"U". This shows that the proper equity shareholders have an effective solution on the "free rider"of the owners, the single goal of company, the effective implementation of the decision-making can improve the performance of the company. Furthermore, control variables assets and liabilities rate have a negative correlation with the company's performance, the size of the company has always been a significant positive correlation with the corporate performance. Because of the higher rate of company assets and liabilities, manager have more obvious tendency of opportunistic behavior, the according of market's performance will tend to decline; Owing to the impact of large-scale, as well as the company's governance mechanisms usually fairly complete, Increasing the size of the company's can reduce costs and improve comporate performance.Finally, combination of the above-mentioned analysis, we suggest many ways of solving the equity structure of listed companies for the share reform of the times, provide a good foundation to improve the operating performance of listed companies.