Analysis Of The Relation Between Equity Structure And Performance Of Chinese Listed Companies

The equity structure and corporate performance of listed companies has been being a hot topic and a difficult problem being focused by both the academia and enterprises researchers, but the conclusions reached differ greatly as there exist perspectives on this subject. It took the listed companies of domestic mechanism industry as objects, through analyzing the data of equity structure and corporate performance published by the companies, to revel the relationship between equity structure and the corporate performance.It takes the relationship between the equity structure and corporate performance of listed companies as to correspond the point, based on the review of related literature, carry on the equity structure and agent theory as the theory foundation, carried on the thorough research.It uses the main composition analysis method built up the company performance of evaluation system, the result manifestation influence corporate performance biggest is clean property rate of return, clean property rate of return which deduct to conductible profit and loss, total property reward rate, the capital management rate of return, liquidity ratio, compulsory the rate of cash disbursement ratio, current assets rate of turnover, the average growth rate of three years'retained profits. Again bases on comprehensive the performance index, adopts regression method and gets the relation of the equity structure and corporate performance. The result of regression shows that nation-owned shares, equity disperse degree, the biggest shares and the corporate performance exist quadratic curves relation, but legal-person shares, tradable shares and the corporate performance exist thrice curves relation.Although our country's listed company scale develop quickly, the corporate performance level is lower, it puts forward three suggestions: the adjustment of the equity structure, prompt of the inner management and supervise of exterior, to raise the listed company performances.