A Research On The Relationship Between Ownership Structure And Corporate Performance Of Chinese Retail Listed Companies

After the 18 th National Congress of the Communist Party of China reported that deepened the reform of state-owned enterprises,the reform of state-owned enterprises been more and more concerned.Among them,some experts pointed out that it should be classified based on different functions of the state-owned enterprises,thus developing the corresponding reform strategy according to different types.At the same time,took into account China's retail industry having the characteristics of opening up the earliest,highly competitive and strong market orientation and so on,and in recent years due to the strong impact of e-commerce,resulting in the overall situation of the industry had undergone great turbulence.Although there were a lot of research results on stock right structure and company performance,many empirical studies were based on data from all listed companies in China,and related research on the retail industry was still less.Based on this,this paper argued that the empirical study on the ownership structure and corporate performance of retail listed companies in China,so as to find out that the stock right structure which was most beneficial to the company performance not only had the practical significance to the reform of stateowned enterprises in China's retail listed companies,and had strong reference values to the reform of relatively high commercial state-owned enterprise that had similar degree of marketization.First of all,this study briefly introduced the research background,purpose,meaning,ideas,technical route,method and innovation in the introduction section,so that the readers could understand the content of this research as a whole.Secondly,it introduced a series of important concepts involved in this study in the definition of relevant concepts and research status section,and systematically introduced the present research of the domestic and foreign so that the readers could understand the relevant theories of this study.Thirdly,in the relationship between the stock right structure and company performance of Chinese retail listed companies section,it had a strongly targeted exposition through researching the effect of different properties and structures stock right on company performance,and analyzed the current situation of the stock right structure of the retail listed companies in China by using public data.Finally,it tested a series of hypotheses proposed in this paper by empirical analysis,and obtained the main conclusions in this study.This paper completed this topic by using literature research,comparative research,and empirical research.The results of the empirical study in this paper included: First,the proportion of state-owned shares and the company performance was negatively correlated.Second,the proportion of corporate shares and company performance showed a positive correlation.Third,the proportion of circulation stocks and company performance showed a negative correlation.Fourth,the shareholding ratio of the largest shareholder and company performance were almost no relationship.Fifth,the shareholding ratio of the top five shareholders and company performance showed a positive correlation.Sixth,the shareholding ratio of the second to the fifth largest shareholders and company performance showed a positive correlation.Seventh,the quadratic sum of the shareholding ratio of the top five shareholders had a positive impact on company performance.Eighth,the ratio of the largest shareholder to the second largest shareholder had a negative impact on company performance.Through the method of empirical analysis,this study examined whether or not different arrangements of stock right structure could bring different results of company performance in China's retail listed companies,and put forward the arrangement of stock right structure for retail listed companies and provided reference sample for other similar industries.The innovation of this research mainly focused on the following two aspects: First,the innovation of research object.This paper focused on the study of the relationship between stock right structure and company performance in retail industry.Second,the innovation of research content.This paper limited the research object to the specific industry,examined the impact of different stock right structures on performance,thus it making the result more persuasive,and it had more practical significance to the reform of state-owned enterprises.