Research On The Relationship Between Ownership Structure And Corporate Performance Of Chinese Real Estate Listed Companies

Corporate performance is closely related to corporate governance structure,and ownership structure is the basis of corporate governance structure,so there is a certain relationship between corporate performance and ownership structure.In recent years,scholars at home and abroad have conducted in-depth and detailed research on the relationship between ownership structure and corporate performance of listed companies,and have achieved some results.However,there are few studies devoted to the real estate industry.As a pillar industry of the national economy,the real estate industry's performance is stable,to a great extent,related to economic development and social stability.The real estate industry,as a special industry category,has its own characteristics.We select real estate listed companies in the Shanghai and Shenzhen Stock Exchange market as the research samples,trying to explore the relationship between the real estate ownership structure and corporate performance of the listed companies,then according to the research conclusion and put forward the corresponding suggestions,expecting to optimize the real estate ownership structure of listed companies,also to provide some reference to improve performance.First of all,we review and sort out the literatures about the relationship between ownership structure and corporate performance at home and abroad.Then expounds the related concepts of ownership structure and corporate performance,and sums up the theoretical basis of this paper.And then,analyze the present situation of ownership structure and company performance of Chinese real estate listed companies,and analyze their existing problems.Then we make a descriptive statistical analysis with the sample firms 2013-2015 data,summed up the characteristics of ownership structure of listed real estate companies,and from the three aspects of the equity structure of the equity concentration,equity balance degree and equity attributes on corporate performance regression analysis.The empirical results show that ownership concentration is an inverted U type nonlinear relationship between degree and the company performance;no significant negative correlation between equity balance degree and the company performance;there is a significant positive correlation between the proportion of state-owned shares and corporate performance;there is a significant positive correlation between the proportion of corporate shares and corporate performance;there is a negative correlation between the circulation between the proportion of shares and corporate performance.Finally,according to the empirical conclusions,we optimize the ownership structure of Listed Companies in Chinese real estate companies and improve the performance of the company.