The Empirical Study About Owner Shareholding Structure Of Private Listed Companies On Corporate Performance

Since the beginning of the reform and opening up,Chinese private companies have risen up,and private listed company becomes the important part of China Capital Markets.Meanwhile,the research about share-holding structure of listed company is increasing,especially in the filed of active privat listed companies.Good company's share-holding structure design is a prerequisite of setting up healthy company governance environment,has determined company's performance and enterprise sustainable and healthy development.Along with continuing deeply reform of Chinese market,private enterprise faces fiercely market competition.How to transfer enterprise's limited resources,use the advantage of private enterprise management,suitable shareholder structure design is an important option.The private entrepreneur hold major shares and control stock right and operation right,but whether this shareholding ratio is reasonable,whether this ratio is the balance point,be this paper emphatically focus problems.Further this paper thinks through amortizing equity indirectly promote company's performance,give company management and core technology enginnees equity incentives,even small group of share holders,and finally this structure benefit numerous investors.China private companies are most active part in the current Chinese Economy;And private listed companies are more reliable parts in these companies.The purpose of this paper is to instruct IPO of private companies and listed privat companies long-term equity mechanism design.Through building of reasonable equity structure system,promotes company's performance to improve.Currently the research both at home and abroad focused on managerial experiences analysis and cases analysis,financial analysis is still less.Select financial data mainly because of quantizing the evaluation index of company's performance,as its financial data of listed company comparatively accurate,shielded in the research subjective factor to the influence of listed company's performance appraisal.This paper selects representative financial index as setting up the basis that the private listed company performance is carried out factor analysis through comparison that the factor that influences listed company's performance is classified,and set up correlation model.Through certain system of selection,finally selected 960 Private Manufacturing listed companies as the sample,the sample size is big,has stronger sample meaning.On the analysis method,this papar obtain the evaluation model of company's performance through principal component analysis,and carry out regression analysis of this model.The result shows,there is positive correlation in private companies owners' holding structure with the performance of private listed companies,and the equity concentration has some influence for the performance of private listed companies,and the equity is one of key factor that influences the performance of the private listed companies.Therefore,the owners of private listed companies could control the company effectively and promote the raising of the performance through rational equity design.