Analysis Of The Impact Mechanism Of China's Listed Companies Ownership Structure On Operating Performance

In 1932 Berle and Means put forward taht in the modern enterprise it was important for company's value and shareholders'profit to supervise and inspire the senior management. In the following studies, as the basic corporate right assignment the ownership structure became the focus of discussing. Some influential theories like internal inspiration are advised, and even now it is a meaningful task to study how the company's ownership structure determine or influence its performance.In China this study has some special significance relating to the development of stock market and listed companies. As accepted widely some inherent imperfections of the listed companies'ownership structure have been doing harms to the promotion of companies'governance mechanism and performance. Although a large amount of studies have been done in this field there is still a long time to establish the tested theory for situation of Chinese.Therefore what is the mechanism of Chinese listed company's ownership influencing its performance is what this paper tries to answer. Using different styles of studying and two kinds of analyzing, the theoretic analysis and empirical analysis, we hope the general situation of the mechanism could be outlined.This paper is divided into five chapters, and each one's content are briefly described as follows:Chapter one -- Analysis of recent situation of the listed companies'performance & ownership structureThis chapter is to put forward the question that how to analyze the influence mechanism of company's ownership structure to its performance based on the treatments as ST.Firstly we analyze in the recent ten years the general situation of all the listed companies'performance in Shanghai and Shenzhen stock markets, and find out they perform is becoming bad; secondly we analyze the characters of those companies'ownership structure; finally we indicate that the financial indicators'meaning is different from the performance's and using such indicators to appraise company's performance may cause some problems to the analysis. Therefore we suggest that the treatments as ST are consistent to the performance and should be introduced into the study of this field.Chapter two– The related theory & literatureThis chapter is to introduce, appraise and conclude the related theory,...