The Impact Of Ownership Structure In State-owner Enterprise On Business Performance

In the new round of reform of state-owned enterprises,the reform of equity structure becomes one of the most part.Some people support it,however,some people object it.Studying the influence of equity structure in state-owned enterprises on operating performance has the practical significance,it is beneficial for carrying out a new round of reform of state-owned enterprises.To explore the question that whether reform of the equity structure could improve the operating performance of state-owned enterprises,firstly this paper analyzes the relationship between the equity structure and the business performance of state-owned enterprises in theory,by joining the company governance mechanism as an intermediary to analyze the effect of ownership concentration on operating performance,by building a function to analyze the effect of ownership balance degree on the company's operating performance,and by analyzing positive and negative effects of the nature of the state-owned equity on operating performance.And then analyze the particularity of equity structure's effect on operating performance in state-owned enterprises,the results is that the proportion of state-owned shares mainly have negative effects on operating performance of state-owned enterprises,the relationship between ownership concentration,equity balance degree and the operating performance of state-owned enterprises is shown as a U shape.In addition,the present situation of the equity structure and business performance in state-owned enterprises in the nation and Liaoning province is analyzed,the problems and the causes are put forward.On this basis,taking state-owned listed companies of Liaoning province from2006 to 2015 as samples,performance being measured by rate of return on common stockholders' equity structure being measured by CR5,H5 and Z index,this article establishes fixed effects model to analyze the relationship between equity structure and performance.The results show that the proportion of state-owned shares has negative effect on business performance,ownership concentration and equity balance degree have positive effect on business performance originally,the effect turns to the negative side exceeding a certain critical value,so under the assumption that the country is largest shareholder,reducing the proportion of state-owned shares and keeping reasonable equity concentration and equity balances degree,will improve theperformance of the listed state-owned enterprises of Liaoning province.