An Empirical Study Of Ownership Structure And Corporate Performance Of Real Estate Listed Companies

With the deepening of the reform of state-owned enterprises and the development ofChina’s capital market, the relationship between ownership structure and corporateperformance of listed companies is becoming a hot spot of many scholars’ studies. This ismainly because the company ownership structure is the foundation of corporate governancestructure; it determines the company’s ownership and control, and the efficiency ofcorporate governance performance on the company’s business performance ultimately.Therefore, reasonable equity structure is the guarantee of the company’s good performance.Although the domestic scholars have carried on an extensive and in-depth research on therelationship between ownership structure and corporate performance of listed companies,and achieved certain results, but these studies focused on real estate industry is relativelyless. Real estate is a pillar industry of economy in our country. Whether the performance ofreal estate industry is stable relates largely with the development of the national economyand social stability.First, the thesis reviews the relevant research literature at home and abroad. Then, itexpounds the related concepts of ownership structure and corporate performance. Thethesis analysis theoretical relationship of the company’s equity structure and businessperformance, combined with the principal-agent theory, control theory and the theory ofcorporate governance. The thesis selects five years data of114companies from2008to2012of the Shanghai and Shenzhen two city real estate industry in our country listedcompany. Then it puts forward hypothesis between ownership structure and corporateperformance, and makes regression analysis from the three aspects of the ownershipstructure-equity property, ownership concentration and equity balance degree. Finally, theresults achieved verify the above hypothesis. The empirical results show that there is nosignificant correlation between the state-owned shares and the liquid shareholding andcorporate performance; the percentage of legal-person shares are positively related tocorporate performance; Ownership concentration has significantly positive correlation withcorporate performance; Equity balance degree is significantly negative correlation withcorporate performance. According to the research results, the following suggestions are putforward in order to improve the operating performance of listed companies of real estate inour country:(1) Full attention and giving play of the role of legal person share in corporategovernance;(2) Optimizing equity structure and maintaining the appropriate concentration; (3) Fostering competitive, restraining and incentive mechanism of manager market;(4)Actively fostering diversified investment subject;(5) Strengthening the legal constructionand regulation of the securities market.