The Study On How The Ownership Concentration Influence The Performance Of The Listed Corporations

With the rapid development of our economy, the private economy has become the main element of national economic growth, especially in recent years, private economy plays a leading role in optimizing China's economic structure and promoting the employment. However, the private listed company as the important strength of the private economy, its scale and the speed of development lags the overall expansion rate of the private economy, meanwhile the increasing extent of the private listed companies'operating performance is larger, the trend of continued growth is not obvious. Among the various factors effecting the performance of private listed companies , the ownership structure is one of the most fundamental and most important content. The paper researching by the ownership concentration as a starting point, reveals the essential characteristics of the listed companies'ownership structure , and through the method of empirical research, analysises the quantitative influence on the performance of the company, in order to explain the lagging cause of the private listed companies'development , finally according to the analysising results, proposes the feasible measures for more optimal development.To complete the above analysising , first this paper summarizes the theory of relationship between the ownership concentration and business performance. In specific theoretical direction,analyses the general features of private listed companies, it is concluded that the private listed companies'development has twists and turns; uneven distribution between the different industries; there are the significant differences between the way of the private company listing in different regions and management performance. Then through collectting the panel configuration data, explains the mechanism between ownership concentration and the business performance by the two steps. The first step aimming to decompose the corporate performance, is to establish model from several aspects of the relationship between its ownership concentration and the corporate performance, so as to prove that ownership concentration is the important factor effecting the performance of listed corporations. On this basis, using the latest sectional data in China, furtherly analysis the optimal ownership structure of private listed companies, attaining the core basis of the optimal ownership concentration. Through the above two steps, the paper reached the concrete conclusions as follows: (1)Ownership concentration is the important facter effecting the private listed companies in profit ability , market value and the growth ability,especially the contribution of profit ability. It can be learned, the ownership is the main factor effecting the private listed companies'performance, and the important determinant strength improving the bussiness performance.(2)Moderate concentration of ownership structure is beneficial to improve the private listed companies'performance in China; Below this interval, A highly decentralized ownership structure will make organizational efficiency lower and improve the difficulty of centralized decision-making; Adversely, the private listed companies'most effective performance play; But highly centralized ownership structure is prone to small shareholder interests being invaded and the drawbacks of the shortage of effective supervision; Adversely, the realization of the most effective performance of the private listed companies also.