Ownership Structure And Corporate Performance Related Empirical Research

Principal Component Analysis, factorial analysis,variance for measuring risk,regression methods, takes the relations between ownership concentration and firm performance, 70 list information profession companies as sample to exploration. This article supplies the theory base and Real diagnosis base for researching the Relevance between ownership concentration and firm performance.On summarizing recent studies of the correlation analysis of ownership concentration and firm performance, this paper analyses that the cause of diversity consists in different data. This paper also points out that the difference of credit of stockholder and top managers' abilities may be the main cause. If the stockholder plays the leading role in enterprise's management, the credit of stockholder decides the correlation sign of ownership concentration and firm performance, while, if top managers play the leading role, their abilities depend.Credit of stockholder is one of the most important variables in evaluation system of corporate governance. Taking the 70 information industry listed companies as the samples, the article use variance for measuring risk and regression analysis method in order to evaluating stockholder credit which provide a brand new index for corporation governance. Research shows that company with high credit index value generally has good performance and low P/E; simultaneously the amount of related trades is comparatively small. The company that has been listed for a long time averagely has a low credit index value. The ownership concentration is positive correlation with the credit of stockholder.We have calculated the abilities of top managers using the 70 information industry listed companies' data by factorial analysis and discovered that the abilities of top managers is be reflected in companies' performance, not in relevant to Herfindahl index, which stands for the ownership concentrationWe have found that considering the dual function of credit of stockholder and top managers' abilities, shareholding structure demonstrates three different states varying in time and samples. The first state is a Cubic curve with a negative or positive Coefficient of Cubic term. The second state is a Conic curve. The last state is a Straight line. Under the condition of fixed sample, the Coefficient of Cubic term of Cubic curve varies by time ownership concentration.We should to improve companies' performance by reinforcing the management and inspection and strengthening law and regulation, resulting in the improvement of credit of stockholder and top managers' abilities in terms of corporate governance, not the change of shareholding structure...