China's Private Listed Company's Growth Stage Under The Ownership Structure And Corporate Performance,

The proposition of relationship between ownership structure and company performance is a classical one. It hasn't come to an agreement, though it went through the research and discussion of economists, ever since it was presented by Berle and Means in 30's 20th century. But right depends on the research, economists have made some achievement. Base on these achievement and research about the relationship of ownership structure and company performance, and combining with the firm growth theory, this article makes a systemic analysis theoretically, after that, makes an empirical study on Chinese civil listed companies. The article is aiming at searching for the essential relationship of the two economic variables, at the same time, trying to find out a scientific explanation of the disagreement.First, the article gives out some fundamental conceptions that could be related to, and summing up the conclusions and research results that already existed. Then, depending on the contract economics and firm growth theory, the first chapter analyzes the characters of best ownership governance structure, and induces out the evolution process of the ownership structure with its firm growing. Eventually, bring out the hypothesis of the whole article..The second chapter is the empirical part. First, taking manufacturing civil listed companies as a sample, and making grouping compare. Then we extend the sample to the whole civil listed companies. After adjusts and optimizes the model, we get the final empirical model. At last, taking a special consideration about the endogeneity between the ownership structure and firm growth, in order to guarantee the dependability of the model. the last chapter summarizes the conclusion and the opinion.Relationship between ownership structures and company performance is a meaningful and comprehensive subject. Due to the limitation of time, resource, and research capability, the dissertation only covers an elementary and exploratory study on the topics. I sincerely expect your professional suggestions and advices.