Empirical Research On The Relationship Between Ownership Structure And Corporate Performance Of Listed Companies Of Non-ferrous Metals Industry

The ownership structure is a foundation of the corporate governance. Different ownership structure can lead to different structure of the company governance and different behavior of the shareholder, followed by the different performance of the company. The relationship between the ownership structure and corporate performance is a hot topic and a difficult problem focused by both the academia and empirical researchers. It has an important value to promote China's state-owned enterprise reform and improve the corporate performance of the listed companies after understanding the relationship. Through reading the research literature we can know that the results of empirical studies show a great difference, and even come to a completely opposite conclusion. Improper ownership structure will have a negative impact on corporate governance. Chinese securities market hasn't developed for a long time, there are some problems for the ownership structure of the listed companies. The high proportion of state-owned share has brought to people's attention and the discussion about state big shareholder is always the focus of attention. Because of institutional reasons, in our country there is a phenomenon that tradable shares and non-tradable shares both exist in the listed companies. The proportion of non-tradable shares is so high that a large part of shares can't be in circulation in the market. Additionally, as more and more private enterprises come up in stock market. Private big shareholders who own a high proportion of shares appear continuously. In order to solve the problem of the ownership structure, our country carried on reform of non-tradable shares in 2005 which can make the non-tradable shares into tradable shares and enhance liquidity of shares. Great changes in Ownership structure of listed companies have been token place. It is significant to study the relationship between the ownership structure and company performance. The Ownership structure of listed companies in one industry is different from the ownership structure of companies in other industry. Non-ferrous metals industry plays an important role in the development of national economy. With the method of empirical study and normative study, this paper takes the companies of Non-ferrous metals industry as objects, to reveal the relationship between the ownership structure and the company performance.