The Listed Company Of China’s Retail Industry: An Empirical Study Of Ownership Structure And Firm Performance

It also the goal of all the companies to improving their operating performance,but how to improve the business performance and through which way has always been the focus of academic research and business operators. Equity structure is naturally formed as companies listed, the natural equity allocation will exists a certain difference from different companies. It also leads to the enterprises have different ownership structure, different influence on the operating performance of companies is also different.In order to study the relationship between ownership structure and enterprise operating performance, how to configure the ownership structure, improve business performance, making the Suggestions and countermeasures have practical value for improving the operating performance, this article is based on the Control Theory and Principal-agent Theory, at the same time using the methods of theoretical research and empirical research, to research the domestic retail industry. The research will use the Factor Analysis Method to select the Net Assets of Per Share and the Net Profit Margin of Total Assets as explained variable, the FRG, LTG, JG as the substitution variables of equity attributes, CR1, CR10, H5 as the substitution variables of ownership concentration, Z index as the substitution variables of equity balance degree, and all the alternative indicators as explanatory variables, at the same time,the enterprise scale, growth ability and debt levels as control variable, using excel2010 and SPSS19.0 statistical analysis software to analysis the processed data which were collected for Linear Regression Analysis. Establishing Linear Regression Model between ROE and each variable of ownership structure, using the Goodness-of-fit and T test to validate the model and the model which builds between the Net Assets of Per Share, the Net Profit Margin of Total Assets and every variable of ownership structure,we find that the method to select business performance indicators of factor analysis is scientific and reasonable, it also avoids the subjectivity of selecting performance indicators. The empirical results show that:(1) The equity attributes: JG and retail business performance was significantly positive correlation, LTG and retail enterprise business performance has significant negative correlation, FRG, and retail enterprises operating performance in a weak positive correlation.(2) The equity concentration and retail enterprises operating performance have significantly positive correlation.(3) The relations between equity balance degree and the retail enterprise operating performance is small. Thus we put forward three Suggestions: first, improving the ownership proportion in institutions; second, improving the ownership concentration and equity balance degree at the same time; third, strengthen the regulation in securities market.In this paper, we provide data to support the company which wants to build a reasonable ownership through empirical study.