The Empirical Research Of The Industry Characteristics, Ownership Structure And Growth In The Listed Companies

The growth of enterprise, which is a basic power source of enterprise sustainable growth and value maximization, has become an important indicator to measure enterprise growth ability and the development status, and also is jointly concerned by the stakeholders such as the business operators, investors and government departments. Therefore, how to effectively promote the enterprises sustainable growth and enhance the capacity of resist increasing market risk, has become a necessary topic among stakeholders, such as enterprise owners, investors.As an important influencing factor of enterprise growth and development, corporate governance structure plays important role in enterprise development. Optimized company structure not only promote the enterprise standardized development, enhance the company operating performance, but also maintain the stability of the market, promote healthy and sustainable development of the national economy. And ownership structure, as the foundation of corporate governance structure, determines governance structure and the growth ability of enterprise. However, the different competitive environment has different effect on the listed company internal supervision, and ultimately affects the relationship between ownership structure and corporate growth. Therefore, it is significant to study the relationship between ownership structure and corporate growth from the perspectives of industry characteristics for the optimization of ownership structure and the sustainable development of enterprises in China.Based on the related ownership structure theory and researches, we propose the hypothesis about the relationship between ownership structure(ownership concentration, ownership control and ownership property) and corporate growth. And then multivariate regression analysis method is used to analyze the impact of ownership concentration, ownership control and ownership property on corporate growth in different industries, which draw upon the listed power companies typical of monopolized industries and the listed textile and apparel companies typical of competitive industries of Shanghai and Shenzhen stock exchanges in 2013 year.The empirical results show that the relationship between ownership concentration and corporate growth is not significant in monopolized industries, but the sum of the proportion of the top five largest shareholders is significant in competitive industries; ownership control of the second largest shareholder to the first major shareholders can promote corporate growth, and the ownership control of the second to the tenth largest shareholder to the first major shareholders cannot promote it in monopolized industries, but it is opposite in corporate growth; the largest shareholder, which is state-owned controlling, has a negative effect on the growth in competitive industries and monopoly industries, but the impact is more negative in competitive industries; the listed companies in monopolized industries can promote company growth and development through expansion of the enterprise scale, but it is not substantive effect on the listed companies in competitive industries.Based on the above conclusions, the paper puts forward the corresponding countermeasures and suggestions: breaking the monopoly and introducing competition mechanism; improving and optimizing the corporate ownership structure according to the characteristics of industry.