The Analysis Of The Relationship Between Equity Ownership Structure Of Listed Companies And Their Performance

Joint-stock companies because of its advantage in the source of funds, governance structure and many other aspects, were widely concerned and regarded from the first day, and became the direction and target of corporate reform in many countries, western countries began their practice and research in joint-stock companies and stock market more than 200 years ago. Comparatively speaking, Chinese stock market and listed companies got a later start, are still in the growth stage now. In just 15 years, Chinese listed companies have achieved remarkable progress, both the number and magnitude of listed companies grows and expands rapidly, and a group of companies with excellent performance have entered the world top 500 enterprises. However, because of our country's listed companies appeared and developed during the changing process of the economic system from the planned economic system to the market economy system, under the influence of various factors, such as historical reasons, reality conditions and so on, our companies' are not reformed thoroughly, corporate governance structure has not be fundamentally changed yet. At present, in our stock market the state-own shares and legal-person shares which can not participate in the market circulation are about 60% of the total equity. In recent years, Chinese listed companies are creating financial scandals constantly, corporate performance continued to deteriorate, the false report, fraud, invasion of minority shareholders rights occur endless. Ultimately, because of the deformity equity ownership structure (EOS) which was artificially separated can not meet the demands of the development of productivity, and its drawbacks appear gradually. Western countries' stock market start earlier, their research about EOS and corporate performance began in the early 20th century, but has not yet formed a perfect theoretical system, the actual significance is not clear yet; And because of our listed companies' unique EOS and market environment, the abroad experience is not entirely applicable, and few foreign scholars studies the issue of our country's stock market, domestic theoretical circles on EOS and corporate performance rise in recent years.The real estate industry is an important industry in Chinese national economy, it can drive the development of a number of material production sectors, its healthy development is one of the guarantees that social progress, economic development and promoting the healthy development of a comprehensive well life. Therefore, the study on the relationship between real estate listed companies' EOS and corporate performance has a great practical significance in China.