Empirical Research On Ownership Structure And Corporate Performance Of Listed Companies In China

The core of company governance is to protect investor benefits,there is a very close relationship among the company governance, equity structure and corporate performance.The article discusses the relationship between equity structure and corporate performance of listed company which belongs to Shenzhen and Shanghai Stock Exchange. Due to the special equity structure in china, company governance doesn't pay attention to protect the investors, so the empirical results show as follows:(l) It exists the negative relation between the proportion of state-owned stocks and corporate performance; It doesn't exists the remarkable relation between the proportion of circulation stocks and corporate performance; The function of corporation in company governance depends on its owned stocks.(2)The performance of equity-scattered company is superior to that of equity-gathered company, the performance of corporation-gathered company is superior to that of state company.(3)In the protective industries, the degree of equity doesn't influence the performance, state-owned stocks play a leading role, there is a negative relation between the proportion of its stocks and CROA, but there isn't a remarkable negative relation between the proportion of its stocks and ROE; In non-protective industries, the performance of equity-scattered company is superior to that of equity-gathered company, and the proportion of corporation stocks rise, the influence of proportion on corporate performance depends on its owned stocks.finally, it gives some reasonable suggestions and discusses the limits of research.