Research On The Influence Of Ownership Structure,Financing Structure On Corporate Performance

With the development of Chinese market economy system,more and more listing Corporation is in China,and China enterprise capital demand is also growing.In the face of a variety of financing channels, how to determine the enterprise financing structure, and how financing structure influences business performance.At the same time, due to the development of the capital market of socialism in China, the special equity structure is thought to be reason that lead to China’s listing Corporation management inefficiency and poor operating performance.whether there is a correlation between China’s special ownership structure and Company performance,and how is the correlation.Answering these questions is not only helpful to find the defects of governance structure,but also can provide useful suggestions to enhance business performance and improvement of corporate governance.This article breaks through the limitations——the influence of ownership structure on the performance of the company or effect of financing structure on business performance, from the two aspects of ownership structure and financing structure to investigate its effect on firm performance, in order to put forward the constructive suggestions to perfect Chinese listing Corporation ownership structure and financing structure.This paper use normative research and empirical research to study on the relationship between the ownership structure, the financing structure and corporate performance. For the part of empirical research, this paper takes listing Corporation of Shanghai A shares in2009-2011as the object of study, uses financial data and ownership structure of RESSET statistical finance research database to study the correlation between ownership structure, financing structure and corporate performance by using descriptive statistics and regression analysis.The empirical results show that:For the ownership structure, ownership concentration, the proportion of corporate shares positively correlated firm performance;Ownership concentration negatively correlated corporate performance;there was no correlation between state shares and corporate performance.For the structure of financing, internal financing rate is positively related with corporate performance;The financial debt ratio is negatively related to company performance;In addition, three control variables-company size,growth and turnover ratio of assets are positively related with corporate performance.