An Empirical Study On The Impact Of Ownership Structure On Eva Of Listed Companies

The relationship between ownership structure and corporation performance is always one of the hottest topics home and abroad. The reason is that ownership structure and corporation performance promotion exist an important relation. However, there are no consistent conclusions to the study on this problem. This paper selects EVA as the index of corporate performance evaluation. Compared with the traditional indicators of corporation performance evaluation, EVA is not only taking into account the cost of debt capital, but also taking into account the cost of equity capital. So, it can reveal the true operating performance of listed companies that can help investors to judge whether the enterprise is creating real value for our shareholders in the current. In this sense, the study of this paper has a special value for enterprise management and investment shareholders of listed companies. The study of ownership structure and corporate performance is carried out through combining the theoretical analysis and empirical when analyzed the relationship between ownership structure and corporate performance. In theoretical analysis side, we first define the essence of ownership structure, corporate performance and EVA, then analyze some basic theories, such as, principal-agent theory, property rights theory and incomplete contract theory. In the empirical side, Chinese A-share listed companies in Shanghai and Shenzhen Stock Exchanges in year 2006 to 2008 being used as sample, from the perspectives of ownership concentration and ownership constitution, using descriptive statistics, correlation and regression analysis, we drawn a conclusion as followings through empirical research: Firstly, appropriate concentration in ownership structure is available to improve EVA. Secondly, the proportion of the circulating shares has remarkable negative correlation with EVA. Finally, the proportion of state owned and fictitious person shares has a significant positive influence on EVA. According to these conclusions, this paper puts forward some policy recommendations. Firstly, retain the concentration ratio of shares in some degree; Secondly, increase the proportion of fictitious person shares steadily; Thirdly, the reduction of state-owned shares should be careful; Fourthly, develop the institutional investors actively; Fifthly, simplify the procedures for listing and manage delisting more strictly; Finally, improve the capital market structure and information disclosure system.