The Research Of Relationship Between Ownership Structure And Corporate Performance Of Listed Companies In Real Estate Industry

Ownership structure affects shareholders,ability and motivation to control andmonitor management，thereby affects management decision-making behavior. By that itaffects the company performance and the company market value. Therefore，only areasonable ownership structure can develop a good corporate governance structure, toensure that the company achieve good performance.First，it reviews the related literatures interior and overseas. Then it analyses therelationship between ownership structure and corporate performance. It takes theproportion of shares owned by the nationality shareholders and the corporationshareholders as the indexes to scale ownership character, as the time, it takes the proportionof shares owned by the largest shareholder, the second to fifth shareholders and Herfindalindex as the indexes to scale ownership concentration. Taking the Chinese listed companiesin real estate industry in Shanghai and Shenzhen Stock Exchanges in year2008-2010assample, taking the means of theory and demonstration，it profoundly analyses theconnection between ownership structure and corporate performance.The empirical results indicate that the ownership structure, including ownershipcharacter and ownership concentration, has effect on corporate performance. Theproportion of shares owned by nationality shareholders has no notable relationship withcompany performance. The proportion of shares owned by the corporation shareholders hasplus relationship with company performance. The proportion of shares owned by thelargest shareholder and Herfindal index both have inverse U relation with companyperformance separately. The proportion of shares owned by the second to the fifthshareholders has plus relationship with company performance. The result gives adviceabout promoting corporate performance in the real estate enterprises.