A Study On The Relationship Between Ownership Structure And Listed Company Operating Performance

As one of the fastest growing industries, the real estate industry is undoubtedly the most attention. It has gradually grown into the pillar industry of national economy. The real estate industry is capital-intensive industries, the stand or fall of equity governance structure directly affect the operating performance of listed real estate company. So the equity of the listed real estate company governance structure and performance of the business relationship has reference significance for real estate enterprises, hoping to promote the healthy development of real estate industry.Based on literature review, this paper summarizes the domestic and foreign scholars on the equity of listed company governance structure and business performance relationship research, define the concept of equity governance structure, operating performance and the connection between the two, tease out theoretical thinking. And then combined with the current status of China’s real estate listed companies, from the market factor determinism, politics, so the effect of determinism and industry theory, concrete analysis in the governance structure of equity ownership property and business performance, the relation between ownership concentration and the connection between the operating performance, equity incentive and the link between business performance, stock liquidity, and the connection between the operating performance, the relevant theory combined with the real estate market present situation, based on the principal-agent theory, from the shareholders of target behavior to find the reason, according to the normative research to study the hypothesis, through the empirical study explores the relationship between the two. In this paper, the selection of three years from 2010 to 2012 all a-share listed real estate companies as research samples, through the GTA CSMAR database as well as the company’s annual financial report to collect data, using SPSS software for multiple linear regression analysis. From equity property, ownership concentration and equity incentive, equity liquidity, empirical research, that four aspect is in progress, return on equity as business performance indicators, the following conclusions:the legal person share proportion of listed companies of real estate in our country, ownership concentration and equity balance degree and performance is significantly positively related; The proportion of state-owned shares of listed companies of real estate in our country, the proportion of capital, equity incentive, stock liquidity, and no significant correlation between corporate performance.For empirical research on the correlation of the results, this article from the point of view of government Angle and the real estate listed companies respectively put forward reasonable Suggestions, including the government should establish and improve the relevant laws and regulations and foster qualified institutional investors, and real estate listed companies shall be appropriate to improve the legal person share holdings, and improve the liquidity of equity, perfect the equity incentive mechanism. Finally the limitations and shortcomings of this article, and put forward the outlook for subsequent research and advice.