Analysis Of Relationship Between Equity Structure And Govenance Efficiency Of State-owned Listed Companies

is a very important area in corporate governance research. It has reference value to make sure how about the relationship between these two factors for promoting the state-owned enterprises reform and improving the governance performance of listed companies in China. Different ownership structure arrangements will affect the ability and motivation of shareholders'control and supervision on the managers, thereby affecting the manager's decision-making behavior, and then ultimately affecting the company's performance and market value. Therefore, only there is reasonable ownership structure that there can be sound corporate governance structure, and thus it can improve corporate governance efficiency. State-owned enterprises as the main body of Chinese economy, how to improve the efficiency of state-owned corporate governance has become the urgent problem in China.In 2005, our country carried out non-tradable share reform, which changed the original non-tradable shares into restricted tradable shares, increasing the shares liquidity. The situation of non-tradable shares of some state-owned listed companies has changed, resulting in significant changes in ownership structure, and then the changes in the corporate governance. So the research on listed state-owned shareholding structure and the efficiency of corporate governance is very important. In this paper, using the state-owned listed companies'data of Shanghai and Shenzhen in 2007 as samples, we analyze the stock change and the relationship between the ownership structure and corporate governance efficiency after the stock reform of state-owned listed companies. We use statistical software SPSS to study and test hypotheses about the relationship among the degree of equity concentration, the proportion of the share holding by institutional investors, the proportion of state-owned shares and corporate governance efficiency.According to empirical test conclusions, the paper proposes some policies and recommendations, which including maintaining appropriate state-owned shares ratio, increasing the proportion of the other major shareholding, enhance the flow ability of shareholding structure and so on. This paper has theoretical value and practical significance for improving corporate governance efficiency and completing shareholding structure for the state-owned listed companies after stock reform.