| This thesis investigates the relationship between corporate performance and ownership structure in China. Corporate performance is measured by three indexes: return on equity ratio, chief return on assets and market-book value ratio. The thesis builds on previous studies by investigating the complex structure of different share classes that are typical of Chinese listed companies. The thesis reports the results of an empirical study of samples of listed companies in Shanghai and Shenzhen stock exchange corporation. The data was collected the period 1998-2002.Chapter Ⅰ:Review on relevant researches. The author takes a retrospective look at relevant researches both at home and abroad. Firstly, the author reviews the theoretical researches. There are three views on the explanation of the poor performances of state-owned enterprises. They are the school of property rights, the school of beyond property rights and the school of management. Secondly, the author turns to the empirical researches,which can be divided into two classes. One deals with the relationship between corporate performance and ownership concentration. The other deals with the relationship between corporate performance and ownership structure.Chapter Ⅱ:The theoretical analysis of ownership structure and corporate performance. Firstly, the author analyzes the relationship among ownership structure, corporate governance and corporate performance and deeply describes the inner mechanism about how ownership structure influences corporate performance. Finally, by analyzing the connection of ownership structure, corporate governance, corporate management, competition and corporate performance, the author gets an analytical framework of empirical analysis. The research follows the logic procedure from theoretical analysis to empirical analysis. The whole thesis can be divided into four chapters.Chapter Ⅲ :Analysis of the current situation of ownership structure in Chinese listed companies. First of all, the author discusses the two different ownership structure modes in western countries, and then describes the current situation of ownership structure in Chinese listed companies.Chapter Ⅳ:Regression analysis between ownership structure and corporate performance. Firstly, the samples, data collection and research methods are introduced. The author chooses listed companies as research subjects in the three industries as follows: information technology industry, electric power industry and textile clothes industry. The research period is from 1998 to 2002, 5 years in total, and these data construct so-called "pooled data". Secondly, the author puts forward several assumptions of the study according to the former theories. Then, the design of research variables is introduced. Those variables are: corporate performance indexes, ownership concentration indexes, ownership types indexes, market structure indexes and control variables. Later on, several regression analyses are carried out by EVIEWS 3.1, SPSS and the regression results are interpreted after that. In textile and clothes industry, state-owned share ratio and corporate performance are negatively, significantly related; legal-entity-owned share ratio and corporate performance are positively, significantly related; circulation share and corporate performance are negatively, significantly related. The ownership concentration is negatively related to corporate performance.In electric industry, state-owned share ratio are negatively related to CROA, MBR, but not significantly; legal-entity-owned share ratio are positively related to CROA,MBR, but not significantly; circulation share are negatively, significantly related to CROA,MBR. But state-owned share ratio are positively related to ROE; legal-entity-owned share ratio are negatively, significantly related to ROE; the ownership concentration is negatively related to corporate performance. In both textile industry and electric power industry, the share ratio held by management are positively, significantly related to corp... |
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