Analysis Of Relation Between Ownership Concentration, Ownership Restriction And Firm Performance

It is the core of modern enterprise system to establish a perfect corporate governance system. The governance system must be able to limit the night of the management, and coordinate the benefits of stakeholders to raise firm valuation. Ownership structure is one of the most important branches of the corporate governance theoretical study which has high value to research. The academia have developed further on the relation between ownership concentration, ownership restriction and corporate performance. However, the scholars have not reached an agreement. So continue to research the relation between ownership concentration, ownership restriction and corporate performance has been important. This research based on how the two role impact the corporate performance, and put forward relevant suggestions.Most companies in China is came from state-owned enterprise restructuring, there are many problems such as the state-owned owners missed and "One big owner" have impact the corporate development. Therefore this study want to research if there exist an optimal ownership structure which can max the corporate performance by eliminate the conflict between the owner to manager and the big shareholders to the medium and small shareholders. On the basis of existing researches, this researches finally come to the following conclusion:(1) Ownership concentration(the first shareholder) and corporate performance curve relationship into N. Although when the controlling shareholders have high ratio can make the performance had certain extent, but compared with it, the company which has relative controlling shareholder and couple of other large shareholders who can contain the biggest shareholder is the best for promoting corporate performance; (2)The CR5, H5 and corporate performance curve positive relationship; (3) Ownership restriction and corporate performance curve relationship into reverse U.This research contains five parts:The first part includes background and meanings of the research, otherwise by clear up the literature put forward the basic concept, and then list the content framework; The second part is theoretical analysis, this part has list the related economics concepts, and based on the point of agency cost, and shareholder control to introduction the theory of ownership concentration, ownership restriction and corporate performance; The third part is research hypothesis and research design. According to the relation between ownership concentration, ownership restriction and corporate performance the author put forward the hypotheses, and then provides details on data and variables; The fourth parts is empirical research analysis. This part according to descriptive statistics, factor analyses and regression analyses, checkout the hypotheses last part and make clear of the conclusion; The fifth part is summarizes and recommendations, aim at the problem at present gives some recommendations.