Private Listed Companies Ownership Structure Impact On Corporate Performance Study

The impact of ownership structure on corporate performance has always been a hot subject of research, and there has been no unified conclusion. Private enterprise is an important part of our socialist market economy, as excellent representative of the private enterprises; private listed company is a vital part of our socialist market economy whose development draws great attention. Since they are quite different from others in their ownership structure, corporate management, the private listed companies are always used as sample by the academic circle who finds that the impact of ownership structure on the corporate performance is on its initial stage. With a view to find out the indexes of corporate performance and ownership structure which are suitable for the study of private listed company as a sample, this thesis elaborates on the impact of ownership structure on corporate performance in the private listed company, and puts forward some suggestions on corporate management.This article firstly summarized the scholars' studies and pointed out the deficiency of their study. Second, theoretically, this thesis illustrate that ownership structure in the private listed company affects its corporate performance through its corporate management mechanism Again, the author selected the indexes of the corporate performance and ownership structure through the study of related literatures. Next, with 234 private listed companies in Shanghai and Shenzhen as sample, this thesis conducts empirical research on five-year 2004-2008 panel data and gets relevant conclusion. Finally, this article put forward some suggestions for the development of private listed companies from the perspective of private listed companies and the state.The innovation of this paper is: (1) We divided the measurement indicators of ownership structure into ownership concentration, ownership restriction, equity tradable; (2) introduce the transaction volume of sotck to measure the equity tradable. These two innovations will provide some reference for the future research of the impact of ownership structure on corporate performance of the private listed companies; it also will provide theoretical support for the private listed companies to optimize ownership structure.