Research On The Relationship Between Ownership Structure And Corporate Performance Of Real Estate Listed Company

Whether in academia or business, the relationship between ownership structure andcorporate performance has always been a hot research topic since the advent of themodern joint-stock company. Domestic and foreign scholars have done a lot of researchon this topic from different angles, but the results are varied. The ownership structure oflisted companies in China has its own distinct features. State-owned shares, legal personshares and public shares are coexisting. State-owned shares are highly centralized and notnegotiable, and public shares are highly fragmented. These characteristics lead to a veryoutstanding agency problem. The ownership structure of state-owned andnon-state-owned companies in China is so different that only analyze all listed companiesis not accurate enough. The real estate industry makes a great contribution to the nationaleconomy and has its own particularity.Based on the above backgrounds, the real estate industry is chosen as the researchobject in this thesis. And the state-owned and non-state-owned holding companies areseparated to do comparative study. The data of real estate listed companies between2008and2012are collected as research samples. Firstly, the domestic and foreign researchresults and relevant theories on ownership structure and corporate performance areexpounded and analyzed. Secondly, the current situation of the research samples iscalculated by using the Excel spreadsheets. Thirdly, five research hypothesis are putforward and the regression models are established. Lastly, a regression analysis is madeto testing the relationship between and performance by using the SPSS software.The result shows that: in Chinese real estate listed companies, ownershipconcentration has inverted u-shaped impact on corporate performance; the shareholdingof non-controlling large shareholders, ownership balance degree, managerial ownershipall have positive influences on corporate performance. The ownership concentration and ownership balance degree have stronger influences on state-owned holding companiesthan on non-state-owned holding companies. On the contrary, the shareholding ofnon-controlling large shareholders and managerial ownership has stronger influences onnon-state-owned holding companies. And it is also found that corporate performance andownership structure have an endogenous relationship, not only the ownership structureaffects corporate performance, corporate performance can also produce positive influenceon ownership concentration, ownership balance degree and managerial ownership.