Ownership Structure Of Listed Companies In China Study

Since our country established the system of a securities business, the securities business of our country has developed rapidly, and maked the compelling achievement. It is playing a more and more important role in national economic development. But along with development of the securities business, some behaviors of its juvenility were revealed out gradually. The ownership structure of the companies in our country is unreasonable that is one of the questions blocking company's performance improvement.Main research of this text is the impact on between company's performance and the ownership structure of company. Through using the method of description Stat, T test , Wilcoxon test and regress model, etc. to research the different impacts on between company's performance and ownership structure company in our country separately.The content of this text includes four parts:Chapter one: firstly, a simple Introduction to the ownership structure, and introducing to the characteristic of the different ownership structure by research purpose of this text; Secondly , taking on a short summarize to the domestic and international document and material about subject for research of this text, and providing an individual appraisal to these.Chapter two: firstly, carrying on the introduction to the ownership structure of foreign countries, this text takes the most representative ownership structure characteristic of the United States and Japan as an example, and analyses the difference between two major structure in the world; Then, summarizing the current situations and characteristics of the ownership structure of listed company of our country briefly. Through comparing the foreign ownership structure and our ownership structure, I try to solve some urgent problems in our ownership structure.Chapter three: It is a demonstration of this text. The sample data of listed company of our country are filtrated at first Second, introducing index and variable in this text, and stating the meaning of using these indexes ; then through setting up analysis model to carry on research the connection between the different ownership structures and Company relation of performance separately, and comparing with their suitability in our country.Chapter four: Through a summary to the study result of this text, attempting to put forward some policy and measure which suit to improve our ownership structure and to make contributions to reform and development of securities business of our country.Innovations of this text:First, use earning ratio of the core business (CROA ) as the index of weighing company's performance. Different from domestic and international other researchers who use Tobin'Q value and return on net assets (ROE ) to be the index of weighing company's performance .this text, in order to study the index with the assets earning ratio of the business (CROA ) . As to the thing that not adopt Tobin'Q value and return on net assets (ROE ) to do for the research object , here is mainly considered: 1, Of our country stock market speculative factor far greater than investment factor, it is heavy for price to fluctuate, conducing stock price imprecise, so Q value is unable to really reflect the performance of the company; 2, Consider that the stock supervisory committee regards ROE as the examination index of the company, the company may play tricks on the index , so make the credibility of the index drop greatly.Second, to the relation the ownership structure of listed company and company's performance, it is mainly from the analysis of impact on the company father and efficiency of the special ownership structure (state-owned stock is larger, etc.) . Then analyze its degree of impact on company's performance.