Research On The Ownership Structure And Corporate Performance Of Listed Companies In Anhui Province

The relationship between ownership structure and corporate performance has been the hot issues of the theory of the firm sector and capital market research. Ownership structure decides the distribution of residual claim and residual rights of control in stakeholders, different ownership structure shows the distribution of power and the distribution of benefits, different stakeholders in the corporate status and investment objectives will make governance mechanisms play a different role,thus demonstrating a different business performance. So,Ownership structure is closely related to corporate performance,also corporate performance is closely related to Ownership structure.In the modern market economy environment, with the financial sector to further penetrate into the national economy, the stock market is playing an increasingly important role in the entire national economy. It is not just a bridge of investors and listed companies, more importantly, by the use of funds raised, it implements the effective reallocation of social resources, adjust and balance the social and economic development. The end of2011, there are76listed companies in Anhui Province, ranked No.10in the provincial interval, No.6in the eastern provincial interval and No.2in the central region provincial interval. To the end of2011, the direction financing of Anhui Province capital market is more than35billion yuan, accounting for5.28%of the total capital markets’direct financing, ranked NO.1in the central region. The operation of listed companies in Anhui Province has become increasingly standardized, and size of the business continues to grow,the ability to finance continue to improve.Listed companies are the basis of the development of the capital market, but the development of the capital market is not only embody in the expansion of the size and number of listed companies, but also in the optimization of the ownership structure and improvement of the business performance of it. Ownership structure is the basis of company governance, and they both have great relevance. Ownership concentration and ownership attribute are largely influence the business governance of listed companies, which can affect its business performance. What’s the impact of ownership structure of the listed companies in Anhui Province on their corporate performance? What’s the relationship between ownership concentration and corporate performance? What’s the relationship between ownership attribute and corporate performance? Which ownership structure is more suitable for the corporate performance of the listed companies in Anhui Province? From these points, learn from the empirical method in "The Relationship between Ownership Structure and Performance of Chinese Commercial Banks——An Empirical Analysis Based on Listed Banks" by LIU Yan-ni (2011) in the Financial Research, this paper mechanisms of the relationship between ownership structure and corporate performance. In the paper, firstly use the factor analysis method to analyze the corporate performance indicators of the listed companies, and extract the main factor of the corporate performance.Then based on the assumption of the mechanism analysis of the relationship ownership structure and corporate performance; establish the econometric models between them and regressive analysis of them. Come to the conclusion:The largest shareholder of the proportion and the company’s operating performance are inverted U-shaped relationship.CR5and the company’s operating performance are are a significant positive correlation.Herfindahl Index and the company’s operating performance are a negative correlation. The proportion of state-owned shares and the company’s operating performance are a negative correlation. The proportion of legal person shares and the company’s operating performance are a positive correlation. The proportion of outstanding shares and the company’s operating performance are a positive correlation.Finally, on the basis of the empirical conclusions, advances countermeasures and suggestions for the listed companies in Anhui Province to optimize ownership structure, improve governance mechanism, perfect capital market and improve corporate performance.