An Empirical Study On The Impact Of Ownership Structure Of Listed Companies On Corporate Performance In Construction Industry

With the promotion of a new round of mixed ownership reform,the ownership structure has become a hot research focus of the government,experts and scholars.In the past,scholars used financial indicators to measure the performance of listed companies,and studied the impact of ownership structure on business performance.Financial indicators can not fully reflect the operation of enterprises,and the differences between different industries are relatively large.Therefore,it is necessary to design comprehensive performance for the new economic environment and construction specificity,comprehensively reflecting the financial performance and non-financial performance of enterprises.The comprehensive performance index is used to measure the performance of enterprises.The study of the impact of ownership structure on the performance of Listed Companies in the construction industry.It can provide reference for the reform of mixed ownership in construction listed companies,so as to improve the governance structure of Listed Companies in construction industry.Firstly,on the basis of reading the relevant literatures,selection of construction industry listed companies as research samples,using the method of factor analysis,the comprehensive performance of K mean clustering and Delphi method combined with the evaluation of enterprises,as the explanatory variables,the proportion of state-owned shares,the proportion of managerial ownership,the proportion of institutional investor ownership,ownership concentration degree,equity balance degree,equity diversification as text variables.The company scale as control variables,construct hypothesis test model.In the empirical analysis,we first do descriptive statistical analysis of the research variables,and then use Pearson test to examine the correlation between ownership structure and corporate performance.Finally,we do multiple linear regression analysis,robustness analysis and lag analysis.The result shows: the proportion of state-owned shares of Listed Companies in the construction industry has a positive impact on firm performance,the proportion of managerial ownership has a positive impact on firm performance,the proportion of institutional investors has a positive impact on firm performance,ownership concentration ratio has a positive impact on firm performance,the balance of equity has a negative impact on firm performance,equity diversification has a positive impact on firm performance,and passed the test of robustness and lag.Accordingly,some suggestions areput forward for the corporate governance of the listed companies in the construction industry.