The Study On Ownership Structure And Corporate Performance Based On The Industry Character Perspective

The relation of equity structure and company Performance has been the heated topic of theory and practice research in recent years. Different scholars have different views on this issue, some even opposite. So this paper tried to find out the answer by using empirical research methods. With the operating return on assets (CROA) as performance indicators, supplemented by return on equity(ROE), Price to book ratio(P/B)and other indicators, this paper carried on the research by industry. We chose companies in Shanghai and Shenzhen Stock Exchange over the period of 2004 and 2006-2009 as the sample, which has made necessarily excluded for the study, we tried to find the correlation between the equity structure and company performance, and make relevant policy recommendations.From the angle of the impact of equity concentration and balance degree on company performance, we found that equity structure which is both concentrated and balanced can improve company performance, in which the correlation between equity concentration and company performance is more significant. What's more, the relationship of equity concentration and balance degree between company performed differently in different industry while the difference is not very large,and most of the industries'performance consistent with the overall stock market's.From the impact of equity properties on company performance, the proportion of state-owned shares , the proportion of corporate shares and the proportion of tradable shares have significant U correlation with company performance.And this is not significantly different between industries.This paper tested the correlation between equity structure and company Performance by using descriptive statistics, correlation analysis,and regression analysis methods,based on empirical research ,we also put forward some policy recommendations on the equity structure for listed companies in China.