A Study On The Ownership Structure And Corporate Performance From The Perspective Of Investor Protection

After reformation and opening,the technological level of China's keeps making progress.The quantity and market value of listed companies have increased rapidly.In the growth of listed companies,China's capital market and comprehensive strength have been expanding.With the continuous development of listed companies,the majority of investors and scholars gradually increase the concern about the performance of listed companies.In the study of corporate governance system,the research of ownership structure and corporate performance is an important part.Strengthening the study of listed companies is conducive to a reasonable understanding of the development of listed companies.With the increasing awareness of investor protection,in the study of ownership structure and corporate performance needs to consider the level of investor protection.We can be more comprehensive understanding of the governance of listed companies.From the perspective of investor protection,this paper makes A shares and H shares listed companies as research samples to study the relationship among the ownership structure,corporate performance and investor protection.First of all,this paper introduces the research background and research significance,then puts forward research route and methods;Secondly,the paper analyzes the domestic and foreign literature,from the relationship between ownership structure and corporate performance,and the relationship between ownership structure and corporate performance under the perspective of investor protection.Thirdly,it analyzes the market environment and current situation of the sample from the perspective of investor protection.Finally,this paper uses the dynamic endogeneity method to test the relationship between the ownership structure the performance of the firm,and makes recommendations based on the empirical results.Through the literature analysis,we found that the endogeneity of ownership structure has been confirmed by many scholars,but the literature about dynamic endogenous are limited.Through the comparative analysis of the sample,it is found that there are differences between Hong Kong and Chinese securities in the market supervision framework,information disclosure requirements and illegal penalties.There are differences in the ownership structure of the corporate performance in the two listed environments.Based on the above analysis,this paper puts forward the hypothesis,and use simultaneous equations to verify the hypothesis.The paper draws the following conclusions:Under the endogenous conditions,the ownership structure has a significant positive impact on the performance of the firm,corporate performance also has a significant positive impact on the ownership structure.The listing environment has an impact on the company's performance and ownership structure,but the significance level is not very high.The effects of dividend per share on corporate performance and equity structure are significant,and the significance of the associated funds is not obvious.Under the dynamic endogeneity,the significance level of the ownership structure to the firm's performance is decreased,The impact of corporate performance on the ownership structure also declines.The effect of dividend per share on corporate performance is still significant.Under the intertemporal dynamic endogeneity,the effect of ownership concentration on corporate performance is significant,but the effect of equity balance degree on corporate performance is not significant.The impact of corporate performance on the ownership structure is not significant.Based on the above analysis,this paper puts forward the following conclusions:Listed companies should consider the long-term impact of corporate performance in building ownership structure;In the development process of the company should raise awareness of investor protection,etc.