Ownership Structure And Firm Performance In China's Listed Companies Correlation Study

The relationship between shareholding structure and operating performance is always the focus of debate theoretically and practically. So far, still did not have a unified conclusion to explain that actually between both to have what kind of relations. This article in predecessor's research foundation, the utilization game theory's related method, through the construction complete information dynamic gambling model, has analyzed between major stockholder's gambling behavior to the company stockholder's rights structure influence, attempts to construct a most superior stockholder's rights structure to enhance company's government achievements.This article take the Shanghai and Shenzhen two city altogether 184 To be listed 2006 data as a sample, separately from the monopolizing profession and the competitive profession's angle, the utilization multi-dimensional linear regression's statistical method has conducted the empirical study to company's stockholder's rights structure and the company achievements' relations. The result indicated that in monopolizing profession, stockholder's rights structure and company achievements regulation correlational dependence. This indicated that in the monopolizing profession, the holding shareholder quite high owns stocks the proportion to be advantageous to be listed long-term stability the development, its company governed the achievements to be good, has manifested the monopolizing profession overall characteristic. In the competitive profession, the stockholder's rights centralism is not obvious with company's government achievements' relevance, indicated that company's major stockholders possibly along with own stocks the proportion increase, strengthens power which governs to the company, enhances company's achievements; Also possibly along with owns stocks the proportion increase, intensified between the shareholder in the operating decisions difference, affects company's achievements.Finally, the conclusion which obtains according to the standard research and the empirical study, proposed that the policy suggested: The perfect to be listed's internal supervising mechanism and the exterior supervisory mechanism, simultaneously introduce the stockholder's rights to keep in balance the mechanism, while government by law, auxiliary by virtuous rule, from various promotes the company achievements enhancement together.