Relationship Between Ownership Structure And Corporate Performance Of Listed Companies

With the development of modern enterprise system,the separation of ownership and management has been widely adopted.Especially in the gradual improvement of the capital market and the gradual expansion of enterprise regulations today,the market access threshold is increasingly lowered,the enterprise financing scale is rapidly increasing,and the principal-agent problem has become more important.Among them,the establishment of the board of directors system greatly reduces the first kind of principal-agent problem.However,at the same time,due to the rapid development of the capital market,the shareholding structure of enterprises is becoming increasingly complicated,and the research on the interest inconsistency between major shareholders and minority shareholders has gradually become a hot topic in theory and practice.In particular,how the concentration or dispersion of ownership structure affects corporate performance is of great significance.At the same time,using the Shanghai and shenzhen two city,all the data of listed companies from 2010 to 2017,using threshold model in the view of the empirical analysis of the theoretical based on threshold regression results,we can see that equity concentration effects on enterprise performance is not a simple linear relationship,at the same time,the ownership concentration on the impact of enterprise performance,also can't simply think the equity structure of the high and low will enhance or inhibit the performance of the enterprise,but in combination with the specific situation of the company,is a significant threshold effect between them,and points out that under the financial risk of lower and higher growth,the more concentrated the ownership structure,The more conducive to the improvement of corporate performance,on the contrary,when the company is in a high financial risk and low growth,the decentralized ownership structure is conducive to the improvement of corporate performance.Research of this paper can for the enterprise's equity adjustment and reform of state-owned enterprises and enterprise system set up to provide certain reference,the state-owned reform,the state-owned enterprises consider is whether the introduction of private capital and the introduction of many key,in the aspect of enterprise ownership structure set up,take centralized or decentralized equity structure,with the financial situation of the enterprise,growth prospects will be a key consideration.