The Empirical Research Of Ownership Structure And Corporate Performance

The development of domestic and foreign enterprises practice has shown that effective corporate governance is not only one of the determinants of competitiveness to build the organization, but also the key to ensure the sustainable development and rapid growth of the organization. Contract is the foundation of modern business organizations, because it have the incomplete nature that made costs .Practical experience shows that ownership structure of different design and different institutional arrangements can produce different effects of corporate governance. Whether have the corporate governance that suited to the business determines its survival. The basic form of the modern enterprise system is a joint-stock, good corporate governance can protect the interests of investors. The company does not have a goog corporate governance is difficult to obtain the trust of investors, companies will be at a disadvantage in competition, In other words, competition among enterprises is a contest of corporate governance. The shareholding structure is an important aspect of corporate governance, especially when the nature of ownership structure combined with the shareholders. However, the ownership structure is only one of the factors affecting corporate governance, there is no optimal or a reasonable proportion of shareholding structure.Highly centralized and decentralized governance model all could harm the public shareholders and other stakeholders interests. Consequently, any attempt simply by changing the options to optimize the degree of concentration of corporate governance structure of behavior is not desirable. Especially for listed companies in China, because the existence of multiple forms of Ownership Structure. so it have the very limited impact on corporate performance. Based on the listed companies in China's ownership structure analysis found that the listed companies in China and the share concentration ratio, the shareholder of the company usually for the company's controlling shareholder, while in the controlling shareholder of the state-owned shareholder and fairly. Combining the current corporate governance theory, the author puts forward in the listed companies in China, and the share concentration ratio does not affect the performance of listed companies operating in China, also is the key factor of listed companies and the share concentration ratio and operating performance does not exist linear correlation between u-shaped relation and fall. In order to prove the correctness of this view, based on data envelopment analysis, a new method to measure the performance of the company, and based on this research ownership concentration and the performance of the relationship, the empirical research on support equity concentration and the performance of the relationship between the point. According to the results, the author puts forward through the change of ownership concentration to improve the company's operating performance is not done, in order to improve the performance of listed companies in China from the following several aspects: first, we should clarify the listed companies in China in the state-owned equity ownership, The second we will gradually reduce the listed companies in China in the shareholding state shareholder, The third we should strengthen the supervision of the securities market of our country, The fourth should strengthen the construction of the listed companies in China.