Study On The Relationship Between Ownership Structure And Corporation Performance Of Real Estate Listed Companies

The result of the corporate governance directly determines the agency cost and transaction cos. It will produce certain influence to the realization of the rights of maximization of shareholder value. Reasonable ownership structure can promote the efficiency of corporate governance, which can improve corporate performance. In the modern society, ownership structure is to reconcile interests between shareholders and managers of the company’s. Therefore, further research about the relationship between ownership structure and corporate performance has great theory value and practical significance. At present, the domestic and foreign research pay more attention to the relationship between ownership structure and corporate performance of listed companies, but is not yet formed a unified conclusion.Since established securities market, the listed company’s long-term face many disadvantages, such as "one share dominates exclusively" and "Equity division" China securities regulatory commission issued Notice on the Trial Implementation of Measures on Full Circulation Reform for Listed Companies and Related Questions for improving capital market and reforming a series of problems of the listed companies on April29,2005, and the reform of non-tradable shares begun, start the equity division reform in China. Then the reform had a high tide and so far. reform of non-tradable shares has won a decisive victory. The new pattern of capital market and ownership structure of listed company has formed and the research on the relationship of ownership concentration and corporate performance in listed companies is necessary nowadays.Relationship of real estate in the national economy and people’s livelihood, and influence the development of individual industry, building materials, finance, service, etc, as the pillar industry of national economy, has the very high industrial connection. Under the current system in China, has its own characteristics in China’s real estate industry, its shareholding structure itself there is a problem. At present. our country’s real estate investment demand, further regulate the securities market, perfecting and improving the real estate industry under the current situation of the management of listed companies, will study linked to ownership concentration and corporate performance has big practical significance. In this paper. through summarizing the literature of recent years at home and abroad, combined with the characteristics of the real estate listed companies, using the norms and empirical research method of combining the, to study the relationship between ownership concentration and corporate performance, and get the related conclusion.This thesis can be divided into six parts:The first part:introduction. Illustrate the thesis research background and significance of topics, as well as research ideas and methods, summarizes the article’s main research content and the basic framework, put forward the innovation points of this paper.The second part:literature review at home and abroad. Introduces the domestic and foreign equity structure and operating performance of related literature, foreign literature review mainly from the aspects of ownership concentration; Domestic literature mainly discuss from equity concentration, equity attributes and the relationship between corporate performance and analyzed retrospectively.The third part:the related theory is introduced. This paper introduces the concept of equity and equity structure:Ownership structure and corporate performance related two rights separation, property rights theory, principal-agent theory. Equity attributes and ownership concentration respectively expounds the ownership structure’s impact on business performance.The fourth part:industry overview of the real estate listed companies, according to the data in recent years, the analysis of the real estate company ownership structure and corporate performance in recent years, the status existing and problems, empirical part lays the foundation for further research hypothesis.The fifth part:the empirical research part. This part introduces the selection of data sample, variables, index selection, puts forward assumptions of the relationship between real estate industry listed company ownership structure and operating performance, establish a research model, focus on the empirical research analysis, descriptive statistics analysis of related statistical variable, then respectively analyze equity property variable, ownership concentration and corporate performance variables, regression analysis and the regression results are explained.The sixth part:in this paper, the research conclusion and suggestion part. First summary the conclusions based on the empirical study of the fourth part, put forward some improvement for company ownership structure and corporate performance, and put forward further research problems.