Research On The Influences Of Ownership Structure To Operation Performance About Listed Port Companies

The study of ownership structure on corpotate performance has been started in theWest in the1930s and began in the late1990s in China, throughout the research resultsboth at home and abroad find that scholars have different opinions and have notformed a relatively authority and consistent point of view. Although the studyconclusion has considerable differences, domestic theory and practice have come torealize that the unreasonable coporate governance system is one of the major causesfor poor performance of listed companies in China, and decision to the core ofcorporate governance mechanism is the ownership structure. The ownership structureis the internal structure of the listed company owner, and the basis of the dicision ofcorporate governance structure, the level of corporate governance efficiency isultimately reflected in the company’s operating performance. Therefore, the ownershipstructure is reasonable or not have a huge impact on company performance.Based on the above analysis theory as guidance, discuss the influence ofownership structure to operation performance about listed port companies in China. Atpresent, the number of China’s listed port companies is the largest in the world and thelisting process of China’s port enterprise is also in the head of other countries, this isan important reason why China’s port industry have developed rapidly over the past20years. The ownership structure of listed companies is very special in China, which isdifferent from the type of institution investors as the main shareholder in Britain andAmerican and also different from the type of financial institutions as the core and thecorporate legal share ownership with each other in Japan and German. The portmanagement system in China is formed in a severe shortage of supply capacity underhistorical conditions, basically leaded directly under the central government, thecentral and local governments "dual leadership" change into the port managementsystem that ports are leaded by local government. The reform of port managementsystem in China involves the fixed port system framework for many years, involveslong-term indistinction between management model and business philosophy, involvesthe redistribution of power and interests among the port-related managementinstitutions, involves the re-positioning of mutual relations between new portmanagement institutions and, so through the shareholding to be transformed into a standardized port enterprise has a very complex ownership structure.This paper choose the listed port companies in China as a research perspective,combine qualitative analysis and quantitative analysis, and study ownership structureon operating performance of the listed port companies both in the theoretical analysisand empirical research. In the qualitative aspects, draw on the ideas and researchmethods of the Chinese and foreign scholars and show the theory expounded of therelationship between ownership structure and corporate performance; in thequantitative aspects, select indicators represent the operation performance on behalf ofthe listed ports companies, evluate the performance of the listed port companies usingfactor analysis with the SPSS software, thus adopt linear regression based on theevaluation results and variables reflect the characteristics of ownership structure, makean empirical research on the impact of China’s listed ports companies ownershipstructure on operating performance, and finally propose recommendations ofoptimizing ownership structure of the listed port companies, in order to promote abetter and faster development of China’s port industry.