Empirical Study On Ownership Structure And Performance Of Listed Companies In China

The ownership structure refers to the proportion of the different nature of the shares in the total share capital of the joint-stock companies and mutual relations. By definition, the ownership structure has two aspects:the first meaning refers to the ownership concentration, ownership of several major shareholders in the company; The second implication is the shareholding structure, and a variety of different nature Shares represent the ratio of the company’s total share capital. The ownership structure of corporate governance, which affects and determines the corporate governance structure, decides the enterprise’s operations and performance. Rational ownership structure improve corporate governance structure, and promote the performance of the enterprise. Research on the relationship between ownership structure and corporate performance has been going on for80years, but due to the different levels of development of the various countries of the region’s political, economic and capital market has not reached the same conclusion. In China, since the split share structure reform, the domestic capital market has developed rapidly, the rate of state-owned shares share shares of listed companies gradually reduced. In the background of the current downturn in the overall economic environment, suited to the characteristics of the ownership structure of domestic listed companies have a certain significance.This paper reviews the research on ownership structure and corporate performance in the domestic and foreign, narrative theory and ownership structure and corporate performance. Research on the basis of previous scholars, selected the2009-2011three-year data of the1062listed companies of the domestic stock market as a sample, using the methods of empirical analysis and descriptive statistics for all samples, according to the theory assumes that the company business performance indicators as explanatory variables, ownership structure indicators as explanatory variables, the linear model, and regression analysis model. The empirical results show that the proportion of state-owned shares and corporate performance was a negative correlation between the proportion of outstanding shares and corporate performance is a negative correlation between ownership concentration and corporate performance was a positive relationship between outside blockholders and corporate performance was negatively correlated.Finally, based on the empirical findings of the current governance of listed companies is based on the ownership structure of companies suggested. Selected samples in this article are from the GTA database, descriptive statistics and regression analysis the software SPSS19.This article consists of the following five parts:The first part is the introduction of the research, the background to the study and review of previous scholars.The second part is the theory for a brief overview of theories of ownership structure and corporate performance.The third part, select the sample, set variables, and descriptive statistics.The forth part, the empirical analysis, formulate hypotheses, and regression analysis model.The fifth part is the proposal, make recommendations based on empirical results of listed companies.Possible contribution in this article is that the selected sample is from large range and in time to close, to better reflect current market characteristics, wider coverage of the scope of the study, the equity structure of listed companiesgovernance targeted role. Deficiencies that less skilled in specific research methods, the model needs to be further refinement. These gradually improve later learning and improvement.