Research On The Influence Of Ownership Structure On Firm Performance

Given the rapid development of China’s financial market in recent years and the continuous expansion of scale,the average annual performance of China’s A-share listed companies did not improve significantly during the statistical period of this paper(2010-2019),which means that it is still of great practical significance to continue to build A sound framework affecting enterprise performance to regulate enterprise behavior and improve enterprise performance.From the perspective of enterprise scale and agency cost,this paper explores how ownership structure affects enterprise performance with the help of regulatory and intermediary effects,and puts forward its own views.Specifically,this paper summarizes 18,860 valid data through CSMAR database,and uses fixed effects for regression.In the process of research,cross-terms of enterprise size and ownership structure are introduced to analyze the moderating effect of enterprise size on enterprise performance,and agency cost is introduced as an intermediary variable,so as to form an influence path.In the end,the robustness of the model is tested to enrich and support the conclusions of this paper.Through empirical analysis,we draw the following conclusions:(1)There is a positive correlation between ownership concentration and enterprise performance,and the improvement of ownership concentration will lead to the improvement of enterprise performance.(2)According to the nature of ownership,it can be found that the change of the proportion of state-owned shares and the change of enterprise performance is a U-shaped relationship;The increase of the proportion of legal person shares is helpful to improve corporate performance.The change of the proportion of tradable shares is negatively correlated with the change of corporate performance.(3)Corporate scale has a negative moderating effect in the process of ownership concentration affecting corporate performance,that is,the larger the corporate scale,the weaker the effect of ownership concentration increasing on corporate performance.(4)Agency cost plays a certain intermediary effect between ownership structure and enterprise performance.Specifically,the increase of ownership concentration is conducive to reducing agency cost and improving enterprise performance.The increase of legal person share ratio can also reduce agency cost and improve performance,but the increase of tradable share ratio will increase agency cost and reduce enterprise performance.