Research On The Relationship Between Ownership Structure And Corporate Performance In The Perspective Of Property Heterogeneity

In recent years,with the rapid growth of China's economy,the stage of non-tradable shares reform has been basically completed.Ownership structure has always been a hot topic in the economic markets.General Secretary Xi Jinping pointed out that China should speed up the priority development of China's manufacturing industry at the 19th National Congress of the Communist Party of China.The paper studies the influence of ownership structure on firm performance from the perspective of property heterogeneity and puts forward some suggestions on how to optimize the ownership structure of firm.This not only benefits the improvement of corporate performance but also meets the needs of China's national conditions.This dissertation summarizes the literature about property heterogeneity,ownership structure and corporate performance,which based on the theory of separation of rights,principal-agent theory,stakeholder theory,information asymmetry theory and opportunistic behavior theory.According to the normative analysis and empirical research,the author chooses the data of the listed companies in Shanghai and Shenzhen A-share manufacturing industry from 2012 to 2016 as the research sample.The main conclusions are as follows:(1)Using ownership concentration as proxy for equity structure,Ownership Concentration of State-owned Manufacturing Listed Companies(the third,fifth,and tenth largest shareholders' shareholding ratio)is inverted U-shaped with the performance of the listed companies;(2)Using Equity checks and balances system(Z/S index)as the proxy of ownership structure,the ownership balance of state-owned manufacturing listed companies is significantly and positively correlated with corporate performance,and the equity balance of non-state-owned manufacturing listed companies is not related to corporate performance;(3)Using Equity structure(proportion of tradable shares,legal person shares,proportion of state-owned shares)as the proxy of ownership structure.In the state-owned manufacturing listed companies,the proportion of tradable shares(PT)and the company's performance does not exist significant correlation;The proportion of tradable shares(PT)in non-state-owned manufacturing listed companies is significantly and negatively correlated with the company's performance.In the state-owned manufacturing listed companies,the proportion of legal person shares(PL)and the company's performance does not exist significant correlation.The proportion of legal person shares(PL)in non-state-owned manufacturing listed companies is remarkable positive correlated with the company's performance.The proportion of state-owned shares in listed state-owned manufacturing companies(PS)has a significant negative correlation with corporate performance.There is no significant correlation between the proportion of state-owned shares in non-state-owned manufacturing listed companies(PS)and firm performance.In the existing literatures in China,there is no literature research taking the manufacturing industry as a sample and studying the relationship between ownership structure and firm performance in the perspective of property heterogeneity.This paper help to enrich the existing theoretical research.By discovering the existing problems in the ownership structure of manufacturing listed companies,especially for the state-owned listed companies,this paper puts forward the corresponding policy recommendations and helps to promote the implementation of mixed ownership reform in China.