Empirical Research On The Relation Of Ownership Strcture And Corporate Performance Of Chinese Listed Companies

Ownership structure is the interior structure of corporate owners, which determine the corporate governance and the character of Principal-Agent between owners and operators, and the efficiency of corporate governannce is embodied by the corporate performance.At present, there are some characters in Chinese listed companies. Fistly, the main bodies of ownership are complicated, which are ploted to state-owned shares, corporate shares and public shares. Secondly, the ownership is displaced and the ratio of innegotiable shares is one third. Thirdly, the state-owned shares have absolute predominace. Forthly, the ratio of corporate shares is small. The lastly, the concentration rate of shares is high. This paper analyzes the influences of performance efficiency from the concentration rate of shares, the property of shares and the negotiation of shares by means of theoretical methods firstly, and then by collecting datas of 389 manufacturing companies listed in shanghai stock exchange of 2004, this paper analyzes the influence of the characters about ownership structure on corporate performance by means of stastistics and econometrics methods.In this paper, ownership structure includes the concentration rate of shares, the property of shares and the negotiation of shares. The concentration rate of shares includes CR1, H5 and Z; the property of shares includes state-owned shares and corporate shares; corporate performance includes CROA, ROE and EPS. Based on this, througy regression-analystic, Several conclusions have been drawn. Fistly, the concentration rate of shares have influences on corporate performance: CR1 and Z are negative correlated with corporate performance, but H5 is positive correlated with corporate performance. Secondly, the ratios of state-owned shares are negative correlated with corporate performance. Thirdly, the ratios of corporate shares are remarkably positive correlated with corporate performance. Forthly, the ratios of negotiable shares are remarkably negative correlated with corporate performance too.Based on these conclusions, we have some plicy recommendations. Firstly, ownership concentration should be kept properly in Chinese listed companies and...