Study On The Relationship Between Ownership Structure And Corporate Governance Performance Of Listing Corporation

The establishment of a modern enterprise system is an important content ofChina’s economic reform,effective corporate governance structure is the core of themodern enterprise system,but also the important condition of improving thecompany’s operating performance and adapting to the economic development of theglobalization trend.The shareholding structure is the basis of corporate governanceand the important factors.Different equity structure arrangements will affect theentire system of corporate governance arrangements,thereby affect the behavior ofthe company’s governance,and ultimately affect the company’s operatingperformance.Therefore, the modern enterprise should focus on the establishment ofreasonable ownership structure,gradually improve the corporate governancestructure, so as to ensure that the company has achieved a good operatingperformance, the company’s market value.With the deepening of China’s economic reform and development, and thegradual improvement of the modern enterprise system,Listed companies graduallygrow and develop, and has become the backbone of promoting enterprise reform inChina and the growth of the industry.However, due to China’s special historicalbackground and approach to reform, China’s listed companies deformityshareholding structure,mainly show complex ownership structure,state-owned shares"dominance",non-tradable shares account for a large proportion,with different rightsof the shares,result in the phenomenon of insider control and majority shareholdersinterests of minority shareholders, impact the institutional arrangements andoperating performance of the company seriously,restrict the sustainable developmentof the capital market.This article take the Shanghai and Shenzhen two city altogether186To be listed2011data as a sample, separately from the monopolizing profession and the competitive profession’sangle, the utilization multi-dimensional linear regression’s statistical method has conducted theempirical study to company’s stockholder’s rights structure and the company achievements’relations. The result indicated that in monopolizing profession, stockholder’s rights structure andcompany achievements regulation correlational dependence. This indicated that in themonopolizing profession, the holding shareholder quite high owns stocks the proportion to beadvantageous to be listed long-term stability the development, its company governed theachievements to be good, has manifested the monopolizing profession overall characteristic. In the competitive profession, the stockholder’s rights centralism is not obvious with company’sgovernment achievements’ relevance, indicated that company’s major stockholders possiblyalong with own stocks the proportion increase, strengthens power which governs to the company,enhances company’s achievements; Also possibly along with owns stocks the proportion increase,intensified between the shareholder in the operating decisions difference, affects company’sachievements.Finally, the conclusion which obtains according to the standard research and theempirical study,proposed that the policy suggested:Promote the diversification of ownershipstructure，establish a diversified subject of investment，establish the system of informationdisclosure of listing corporation.