Study On The Correlation Between Ownership Concentration And Corporate Performance Of Real Estate Private Listed Firms In China

With the reform of the market-oriented economic system,privately-owned enterprises have gradually developed from the early fringe economy into the most dynamic part of China's modern market economy.However,based on China's special national conditions,the vast majority of private companies have small scale,low capital,low management level and dispersed ownership.In the critical period of rapid economic development in the world today,domestic scholars have a strong interest in the issue of how to set equity concentration in private listed companies that meet China's national conditions,and set a reasonable degree of ownership concentration for the real estate industry that is related to the lifeline of the national economy.Improving corporate performance plays a key role in promoting the long-term stable development of China's overall economy.This paper first uses the qualitative analysis method to sort out the domestic and foreign scholars' research results about ownership concentration and company performance in recent years,and sorts and summarizes the collated documents.Through consulting a large number of documents and data collection,to determine their own research content to adapt to research methods and research ideas.Secondly,it elaborates the related concepts and theoretical bases involved in the research,such as the definition of private listed companies,the index of concentration of ownership and the performance of the company.The theoretical basis involved is the theory of principal-agent,Information asymmetry theory and Two-weight separation theory,to provide theoretical support for the next study.Then we analyze the status quo of China's real estate private listed companies,sum up the contribution of real estate private listed companies to China's economy should not be underestimated.Then the descriptive statistical analysis of the ownership concentration of private listed companies in real estate,draw the preliminary conclusions.Based on the results of descriptive statistical analysis and previous research results,the research hypotheses in this paper are put forward and the relevant multiple regression models are established.Finally,we use the multiple regression analysis to test the research hypothesis.During the research process,the ownership concentration is the explanatory variable of the research,the corporate performance is the explanatory variable,and the related control variables are added,for example,the enterprise scale,capital structure and company growth.This study is based on the previous research on the basis of the extension of development,give full consideration to China's private listed companies based on China's own particularities,by reading a large number of documents,combined with professional theoretical knowledge and put forward relevant hypotheses,empirical analysis of the proposed hypothesis Scientific,finally reached the relevant conclusions.In this study,to determine the company's performance indicators,the paper uses principal component analysis to calculate a comprehensive index.The results show that there is a positive correlation between ownership concentration and corporate performance in sample companies,that is,the performance of private listed companies in real estate increases with the increase of ownership concentration.Based on the empirical conclusions drawn from this study,this paper puts forward some policy suggestions on the setting of ownership concentration of real estate private listed companies in China,hoping to help the healthy development of real estate private companies.