Empirical Analysis On Ownership Sturcture, Corporate Governance And Performance Of Chinese Military Listed Companies

By means of Empirical Analysis, this paper analyzes the tri-relationship among ownership structure, corporate governance and the performance of Chinese military listed companies. Using the data of 48 military listed companies over the 2005-2008 period. This paper conducts the correlation and regression analysis on ownership structure, corporate governance and the performance of Chinese military listed companies. The conclusion shows that:There is a positive correlation between the proportion of state-owned shares and the performance, a positive correlation between the proportion of corporate shares and the firm's the growth rate of total asset; there is a negative correlation between the proportion of corporate shares and rate of return on common stockholders' equity(ROE), a negative correlation between the proportion of corporate shares and asset turnover; there is a negative correlation between the proportion of circulation shares and the performance, a negative correlation between ownership concentration degree and the performance; but there is no significant correlation between the proportion of top management shareholdings and the performance; besides, both the scale of directorate board and supervisory board have a positive correlation with the performance; finally, the proportion of independent directors has a negative correlation with the performance. According to the conclusion, this paper finally gives some pertinent suggestions for Chinese military listed companies to improve their ownership structure, corporate governance and promote their performance based on their situations.