Correlation Analysis Of Ownership Structure And Operating Performance Of Listed Companies

With the development of the market economy, the function of family firm is playing a decisive role in the society and economy. The rapid development of family business leads to the fact that more and more family business is stepping into the stock market. It is known that the enterprise’s inside efficient governance structure will have a direct impact on the vicissitudes of enterprises. What’s more, the ownership structure is not only the basis but the most important section of corporate governance structure. Therefore, a reasonable corporate governance structure counts on the reasonable ownership structure, which can obtain the good performance results of enterprises, so studying the relevance between the ownership structure and operating performance of listed family business is of great importance. While most of the researches has fixed on the state-owned business enterprise, Very few have researched in family firm. So, I will study it.This paper selects the228listed family companies in Shanghai and Shenzhen stock exchanges from2008to2010as samples to study the relationship between the ownership structure and firm performance. Nevertheless, The previous empirical research existed some defects, because the former researches often take the single accounting indicators or the data of Tobin’s Q to value the vicissitudes of enterprises, so the article make the best of factor analysis method, which selects19indicators to analyze the comprehensive performance, and then used the regression analysis to study the concentration of ownership and the degree of Equity related to the effect on the vicissitudes of enterprises. What’s more, with regard to the explanatory variety in the ownership concentration degree, the paper will select the proportion of the first shareholder, the square of the proportion of the first shareholder, the sum of the proportion of the top five shareholders, the square of the sum of the previous top five shareholders, the sum of the proportion of the first shareholder divided by the proportion of the second to the fifth shareholders,"Z" index as a measurement were considered in the dissertation.Through the regressive analysis, some conclusions can be achieved as follows:(1). There doesn’t exist inverted U relationship between ownership concentration degree and company consolidated operating performance. On the contrary, it takes on a positive correlation with the ownership concentration strengthening up the operating performance of the company also goes up;(2).There exists a positive correlation between the degree of Equity and the integrated operating performance of listed family business.