An Empirical Study On The Impact Of Ownership Structure On The Performance Of State - Owned Enterprises

Ownership structure of listed companies has been a hot issue of the theory and the practice With the continuous advance of the state-owned companies, state-owned companies of the national economy plays an increasingly prominent role, but the research of ownership structure in the state-owned companies is still not enough. In this context, it is very urgent and necessary to research of equity structure of listed state-owned companies, and it can make sure listed state-owned companies develop healthy, flexible. The ownership structure plays an important role for corporate governance, business prospects and future operating performance,. What is the status of the equity structure of listed state-owned companies? How to configure and optimize the equity structure of listed state-owned companies to enhance their business performance? These questions lead us to discuss deeply from the perspective of corporate governance performance of listed state-owned companies.The corporate governance model is determined by the equity structure,while the corporate governance will affect the business performance. Ownership structure characteristics of listed state-owned companies is unique that means the relationship between business performance and that ownership structure of listed state-owned companies is also unique. Therefore, we would like to get the characteristics of the equity structure of listed state-owned companies based on the analysis about the status of equity structure. At the same time according to characteristics to analyze the effection of the business performance under the ownership structure in listed state-owned companies It will has some academic value for further research between ownership structure of listed state-owned companies and business performance, further more it also will has a certain practical significance to the optimization of state-owned equity structure of listed state-owned companies.We analyzed the impact of corporate performance based on the state-owned ownership structure of listed companies by using of commission agents, equity balances degree and balances, assumptions: internal control and other theories in this paper, and got the following(1) ownership concentration to business correlation.(2)equity balances degree to business performance has performance has negative correlation.(3) management shareholding to firm performance are positively correlated.as the study sample, and use ownership concentration, the degree of checks and balances, and management equity ownership as the explanatory variable. We would like to come to the relationship between firm performance and ownership structure through the empirical test. The empirical results show as below:(1) the largest stake FSR and business performance is positively correlated under the same condition.(2) equity balances degree Z and firm performance is significantly positively correlated under the same conditions.(3)the management shareholding and firm performance is positively correlated under the same conditions.The thesis is divided into six parts, the detailed structure as below: Chapter 1 is an introduction, introduces the research background and significance, methods and ideas and the basic framework of this thesis. Chapter 2 is the literature review, summarizes the status of research of domestic and foreign scholars and evaluate the literature of these studies mainly on ownership concentration, equity balance degree and insider ownership. Chapter 3 is the theoretical basis Chapter 4 is the theoretical analysis and research assumptions, analyze the effects mainly from ownership concentration, equity balance degree, the management shareholding to the business performance and come to the hypotheses progressively. Chapter 5 is empirical analysis, check separately this part of the assumptions according to the theoretical analysis,including sample selection and data sources, variable definitions and descriptions, and tests the research hypothesis put forward in Chapter 3 using methods as descriptive statistics and linear regression analysis. Chapter 6 sums up the conclusions of this paper, brings up relevant policy-related suggestions, and finally points out the inadequateness as well as future research directions.