Ownership Structure And Performance Of Listed Companies In Jiangsu Empirical Research

The economic relationship of ownership structure and company performance is hot issue of economic circles, enterprise theory circle and capital market research. This paper thinks that in above-mentioned relationship, the ownership structure is the core in the relationship. According to principle-agent theory, different ownership structures lead to different shareholders' behavior and also have different impact on companies' performance. Therefore, it's necessary to arrange an effective ownership structure.Ownership structure decides how the residual control and residual claims divided among the investors, different ownership structure shows that the benefits and rights are distributed among different investors, it will lead to different corporate governance and different firm value. So, the ownership structure of a firm is closely linked with enterprise performance. Not only the ownership structure factor, but also other factors exert an important influence on the enterprise performance.The article analysis to the related theories of ownership structure and give empirical analysis on the 2006 year data and 2007 mid-term data of the listed company of Jiangsu. The empirical results show as follow: It has the positive relation between the proportion of state-owned stocks and corporate performance, because its special ownership attribute can bring the positive influence to the company by the policy etc. factor; corporate shares are positive correlated with corporate performance, it shows that the governance mechanism of listed company in our country are not so good, corporate shares lack to participate to manage actively to improvement the corporate performance with the ability; tradable shares are not correlated with corporate performance, the stock market is short of efficiency under the condition that minor shareholder is short of protection current in our country, the stock market has no way to bring function itself, the behavior of the tradable shares still being to "thumb a lift". The first major shareholder is positive correlated with corporate performance only when the proportion is above 50% and not correlated with corporate performance when it under 50%.At last, we will give some advices on how to improve the relationship of ownership structure and company performance.