Ownership Structure And Performance An Empirical Study Of China's Private Listed Companies

Ownership structure is the arrangement of authority. It determines the efficiency of investment, operation and internal administration, and further affects corporate performance.The paper selected 112 private listed firms that had gone public by the late-2005,and taked an empirical study on the relationship between equity structure and firm performance by adopting nonparametric test and regression analysis.Using the listing method as a new angle,the paper divided samples into two groups. This research compared the different equity structure in the two,and its influence on the relationship.The results shows:the different channel to entering stock market will affect the relationship between equity structure and firm performance. The percentage of the state-owned shareholding is not related with IPO private firms'performance,but is positive related with BS firms' performance.The percentage of floating stock is negative related with BS firm performance.The percentage of law persons shareholding is "U-style" related with firm performance respectively.