Research On The Relationship Between Ownership Srructure And Corporate Performance In Listed Companies

The relationship between ownership structure and corporate performance has always been the focus of research in the field of corporate governance. When Chinese scholars doing related researches, they focused on study the relationship between ownership structure and corporate performance in the board, small board and the GEM, in contrast, the study from the perspective of monopoly and competition is rarely done. But in the monopoly and competitive industries, there is a big difference of the role of the market, and there are large differences in ownership structure. So whether the ownership structure plays a different role in corporate governance in competitive industry and monopoly industries listed companies, deserves our study.This paper based on in comparative the differences of ownership structure producing the effect of corporate governance in competitive industry and monopoly industries listed companies. First of all, on the basis of reading relevant literature, eight representative monopoly industries and eight competitive industries are chosen as samples, we use the financial data of 2010--2014 years as data source, use the operating performance composite score which is calculated by factor analysis as dependent variable, and the concentration of ownership, ownership balancing degree and the equity nature as independent variables, then build model. All the steps are prepared for the empirical research. In the empirical study, descriptive statistical analyses of the ownership structure of different industries are made firstly, and then we use Pearson correlation test method testing the correlation of Ownership Structure and Corporate Performance. Finally, regression analysis of univariate and multivariate are made separately. The results show that corporate performance are not correlated with ownership concentration and nature of equity in monopoly industries, except equity restriction and corporate performance appear the inverted "U" shaped relationship. And in competitive industries, ownership concentration positively correlated with corporate performance, while equity restriction has an inverted "U" shaped relationship with corporate performance. The study also shows that the proportion of state-owned Shares and legal person shares are positively correlated with corporate performance, but increasing the proportion of public shares will have a negative impact on corporate performance.In order to effectively improve the effectiveness of corporate governance, the paper suggests that monopoly industry listed companies should focus on constructing an appropriate balance of equity, and state should strengthen the supervision of the manager in monopoly industries. In non-natural monopoly industries which can increase competition the largest shareholder equity ratio should be reduced, and when increasing capital, companies should ensure ownership concentrating in the hands of the State and legal persons. Listed companies in the competitive industries need to adjust ownership structure according to their own circumstances.