| Property rights system is the most basic and the most important system in economics; this paper, divide the listed company into two groups:the state-owned listed companies and non state-owned listed companies on the perspective of property right by the nature of the ultimate controller. Taking the different controlling shareholder having the different objectives of its production and operation into account, this paper conducted a new attempt on the evaluation of the company's financial performance:we do not use exactly the same factors on financial performance evaluation of state-owned listed companies and non state-owned listed companies; and use factor analysis to evaluate financial performance. Then we discuss the relationship between capital structure and financial performance on the listed companies with different nature of ownership.In this paper, considering the role of equity on the balance of claims, we take ownership structure variables into account when we analyze the relationship between capital structure and corporate performance. This paper selects petrochemical industry and machinery industry's sample data of 2007-2009 in manufacturing to make regression analysis. The analysis showed:the results of state-owned listed companies on the relationship of the capital structure and corporate performance are not consistent with non state-owned listed companies; the ownership structure variables on firm performance are not totally consistent yet; the change of the relationship between capital structure and corporate performance in state-owned listed companies and non-state listed companies is also different in this several years. Conclusions are not entirely consistent with the previous studies.This paper analyzes possible reasons according the conclusion, and make more specific comments on improving the performance of this listed companies. |
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