A Research On The Relationship Between Ownership Structure And Corporate Performance Based On Micro-concentration

Recently, some listed firms in China appear the phenomenon of the drop of corporate performance. The reason of poor corporate performance of listed firms is connected with special ownership structure in our country. At the same time, micro-concentration effects ownership structure. Therefore, I choose listed firms of our country as samples to research the relationship between ownership structure and corporate performance based on micro-concentration.I explore the relationship between ownership structure and corporate performance using listed firms of public utility and IT industry as samples, and then select variables which can describe ownership structure and corporate performance efficiently. Then I make use of linearity regression and curve regression to carry through empirical research.The research shows that in public utility industry which belongs to high micro-concentration, the percentage of the state-owned shares and the tradable A-shares is significant "U-style" related with corporate performance respectively, and the percentage of the legal-person shares is significant cube related with corporate performance, and the ownership concentration is significant "U-style" related with corporate performance. But in IT industry which belongs to low micro-concentration, the percentage of the state-owned shares is negatively related with corporate performance, and the percentage of the legal-person shares is positively related with corporate performance, and the percentage of the tradable A-shares is insignificantly related with corporate performance, and the ownership concentration is negatively related with corporate performance. On the whole, the effect of ownership attribute on corporate performance is different by micro-concentration and the relationship between ownership concentration and corporate performance is various by micro-concentration.These findings suggest that optimizing ownership structure of listed firms should be on the basis of industry. We should improve industrial competition to optimize ownership structure.