Shares Of Corporate Ownership Structure And Performance Study

Under a certain condition, the structure of shares ownership affects the structure of the company governance. The diversity of structure of shares ownership can lead to different structure of the company governance and different behavior of the shareholder, followed by the different performance of company. In one hand, if the structure of ownership are too scattered, all the shareholders hope to board the bus without any pay, which cause no shareholder to monitor the manager. In another hand, if the structure of ownership are too concentrated, the blockholder may be dictatorial, which will harm the minor shareholders. So proper distribution of shares is required to resolve the two problems.There are many problems that originate from improper structure of ownership in our country companies. Recently, the high proportion of state-owned share has brought to people's attention and the discussion about state blockholder is always the focus of attention. In the primary stage of stock market development, a special structure of ownership that characterizes Chinese character may have many advantages. But as time passing, the defects of structure of ownership are apparent more and more. Additionally, as more and more private enterprises come up in stock market, private blockholders who own a high proportion of shares appear continuously. It is a new task how to avoid private blockholders' autarchy and how to protect minor shareholders. Now, it is a tendency to reform present structure of share. The problem is whether there is a best structure of ownership or not. Which kind of structure is the best one and what is our reform aim. Through the theoretic discussion on structure of ownership and performance, coupled with analysis about characters of Chinese structure of ownership, the article tries to answer these questions.The article includes six parts and the configuration is as follows: In chapter 1, research object and other relative notions are showed. In chapter 2, some domestic and international scholars' researches are recalled. In chapter 3, article analyzes theeffect structure of ownership on governance efficiency and tries to correct the misunderstanding about the problem. In chapter 4, article introduces some theories about the relation between structure of ownership and performance, pointing out multiply effect structure of ownership has on performance. In chapter 5, article analyzes the data of Chinese public corporation. Through statistic analysis, article find the concentration ratio of shares of Chinese public corporation is very high. But no evidence that the concentration ratio is too high is gotten. In the end of article, an conclusion is given.The innovations of the article are as follows: (1) In the decentralization of shares sense, the separateness of "two rights" is not necessary for corporation. (2) Considering the nonlinear relation between structure and performance, multiply term regression is preferable to parabola regression.