A Study On Ownership Concentration Of Listed Real Estate Company Based On Performance

Since the emergence of modern corporate ownership structure theory, the relationship between ownership structure and corporate performance has become the focus of the study in the theories field. As the basis for corporate governance, ownership structure determines the allocation and control of the residual interest in the company, thus affecting management decisions, ultimately affecting the performance of the company.This paper investigates the relationship between ownership structure and corporate performance from the ownership concentration in this regard. This paper selects the2010-2012data listed real estate companies in Shanghai and Shenzhen, the largest shareholder in proportion, the ratio of the top five shareholders, the Herfindahl index, Z index as an indicator of ownership concentration, the relation is conducted empirical research. The results shows that:(1) the ratio of the first shareholder is negatively correlated with the performance of the company;(2) the ratio of the top five shareholders are positively correlated with the performance of the company;(3) Z index is negatively correlated with the performance of the company.In this paper, optimizing equity structure, the four-point proposal to improve the performance of the company:(1) Maintain proper concentration of ownership;(2) Improve the participation of small and medium-sized shareholders;(3) To further cultivate the perfect manager market;(4) Stepping up efforts in supervising the real estate industry.