High And New Technology In Our Country Of The Relationship Between Ownership Structure And Corporate Performance Of Listed Companies

The ownership structure is a foundation of the corporate governance structure, determines the corporate ownership and control right allocation. Reasonable ownership structure is beneficial to improve corporate performance. On the basis of the research achievements existed, this paper chooses new high-tech listed enterprise as sample, empirical research on the relationship between ownership structure and corporate performance are done, and then puts forward suggestions to optimize the ownership structure. The ownership structure in this paper includes ownership concentration and constitution of ownership, and interior shareholding.Firstly, this paper reviews on the foreign learners and the domestic learners’ study results, and then combines the property right theory, agency theory and incomplete contract theory to describe the relationship between ownership structure and corporate performance. Then the data of the new high-tech listed enterprise in three years before being used to analysis the relationship between them, a descriptive statistical analysis is shown. Then test the relationship by constructing a model, the regression results show that:(1)ownership concentration and the corporate performance has an inverted "U" shaped relationship;(2) the proper proportion of state-owned shares and corporate performance exists positive correlation, if the state-owned shares proportion is too large, it will not help improve corporate performance;(3) the proportion of legal person shares is significantly positively related with corporate performance, it plays an important role in corporate governance;(4) the proportion of the circulating shares has a weak positive influence on the corporate performance;(5)the influence of interior shareholding is insignificant, and even have negative effects on the corporate governance.According to the above conclusions, the last part of this paper gives some corresponding policies and suggestions on how to improve the ownership structure and enhance corporate performance...