An Empirical Study On Ownership Structure And Corporate Governance Performance In Listed Companies

The relationship between Ownership structure and corporate governance performance is a very important field in the corporate governance research.It has an important reference value to promote Chinese state-owned enterprise reform and improve governance performance of China's listed companies after understanding the relationship.Though reading and summing up the research literature of many scholars at home and abroad we can see the results of empirical research showing a greater difference,and even come to a completely opposite conclusion.This article thought the following reasons:it is very different for the Choice between the explanatory variable and the explanation variable are;shareholding structure of the existence of endogenous not considered;ignore the impact of the industry;limit to the linear relationship study and do not consider the possible existence of the nonlinear relationship,do not consider the impact of the time factor.This paper sought to overcome an empirical study of Chinese scholars in the past on ownership structure and the limitations of the company's performance,enhance the credibility of empirical results to China's macro-policies to provide the necessary empirical basis.Our country carries on Ownership structure mounted cylinder reform in 2005,changing non-tradable into restricted conditions of the tradable shares,enhancing the liquidity of the shares. Followed the Ownership structure to have the tremendous change,it has caused various companies to govern the level to have the change.Therefore the research Ownership structure and the company govern the achievements to have the vital significance.This article take the machinery,the equipment and the measuring appliance and so on similar industry of Shanghai and Shenzhen stock market 2004-2006 year to be listed as the sample,the data from the Chinese economy service Research center.Using the revised principal components analysis method,we carry on the extraction of the governance performance indicators which the numerous scholars use, and carry on the classification to the extraction indicators.This article approximately thought 2004, 2005 and 2006 as the share reform before,share reform neutral,after share reform,carried on the theoretical analysis in every year,proposed the relations supposition and constructed the model, used the SPSS statistics software to do the empirical study which divides into two,namely the empirical study on ownership structure and corporate governance performance in listed companies and the empirical study on the concentration ratio of stockholders equity and corporate governance performance in listed companies,confirmed the supposition.Finally according to empirical conclusions,proposes policies and recommendations,empirical conclusions,policies and recommendations,including maintaining an appropriate proportion of state-owned shares, increasing the proportion of other major shareholders held,and enhancing the liquidity of the shares.It has certain theory value and the practical significance after our country ownership structure mounted cylinder reform to be listed to enhance the company to govern the achievements.