A Study On The Relationship Between Ownership Structure And Firm Performance Of State - Owned Resource - Based Enterprises

The relationship between ownership structure and enterprise performance has been one of the hotspots of the research of corporate governance, different ownership structure influences the company’s performance by corporate governance mechanisms. The paper of 18 th National People’s Congress and the Third Plenary Session of the 18 th CPC Central Committee states that should actively develop mixed ownership economy. By 2015, the top-level design of SOE reform "Guidelines on Deepening the Reform of State Enterprises" issued, started a new round of SOE reform. Develop the mixed-ownership economy and classification reform is the focus of the new round of SOE reform. This paper is to study the relationship between the ownership structure and corporate performance of the state-owned resources-based enterprises just in the context of a new round of SOE reform. The literature of study the Ownership structure with looking the resource-based enterprises as a whole is rare, this paper seeks to provide a theoretical reference for the reform of state-owned resource-based enterprises.This paper is divided into five parts. The first chapter is the introduction, it introduces the research background, research purpose and meaning, and review of relevant research at home and abroad. The second chapter is related concepts and theoretical basis. The third chapter is an overview of the state-owned resource-based enterprises. To research on resource-based enterprises, we must first define resource-based enterprises. This article refers to the definition of Xu Shan(2014). By definition and with reference to previous research results, resource-based enterprises contains 15 industries. Then describes the state-owned enterprise resource location and direction of development in the new round of SOE reform. Then descript and analyze the ownership structure of state-owned enterprises listed on the resource. The fourth chapter is empirical analysis, an important part of the thesis. Empirical process includes descriptive statistics, correlation and regression analysis, get the results and analyze. The fifth chapter is the conclusion. Including research conclusions, policy recommendations and research prospects.In this paper, we do the research of an empirical study of 127 resource-based enterprises of A-share fisted state-owned enterprises from the year 2012 to 2014, studying on the relationship between ownership structure and corporate performance by multiple regression analysis. The Shareholding structure consists of State-owned shares. Concentration of ownership uses the proportion of the largest shareholder, the proportion of the top five shareholders and H index to measure. Equity balance degree measured by Z Index. Enterprise Performance Indicators is CROA. With firm size and asset-liability ratio as a control variable. Meanwhile, in order to explore whether the different distribution of state-owned shares can have an impact on business performance, set up a dummy variable in the state-owned shares and corporate performance model, When there are several state-owned enterprises shareholder D=1, or else when there is only one state-owned enterprises shareholder D=0. It is also one aspect of mixed ownership reform of state-owned enterprises. The results of the model showed that the proportion of state-owned shares and corporate performance into an inverted U-shaped relationship, when there are multiple shareholders owned enterprise performance is better than only one state-owned shareholder company. The top five shareholders equity ratio, H index, Z index positively correlated with corporate performance, negative, positive. The proportion of the largest shareholder relations and corporate performance is not significant. Explain the results of empirical analysis. At end, make recommendations on the optimization of the ownership structure of state-owned enterprises listed resources and put forward the prospects.