The Empirical Study On Ownership Structure And Corporation Performance In China Listed Firm

The relationship of ownership structure and corporation performance is always one of the hottest topics home and abroad, with being concerned and studied generally. Theoretically,ownership structure determines how to dispose corporation ownership and residual control rights, which affect corporation performance and benefit of every shareholder. However, there aren't consistent conclusion to the study on ownership structure and corporation performance empirically, no matter at home or abroad. Based on the deeply study on formerly domestic and overseas research fruits and particular traits of ownership structure in china listed firm, this thesis conducted a research and analysis on the relitionship between ownership structure and corporation performance in china listed firm, aiming to explore their relationship.Set in forty real estate firms listed before 1999 in ShangHai and ShenZhen Stock Market, by virtues of formerly research fruits and dates of this forty firms from 2000 to 2004,this thesis did an empirical analysis on the relationship between ownership structure and corporation performance in china listed real estate companies, in order to make clear how different ownership proportion and sharehold pattern influence corporation performance. Empirical resuit indicated that, since china real estate's power market demand and effect of macro policies, low efficiency of business governance for growing-up stage in its industry life circle,and profit division between circulated shareholders and non-circulated shareholders by the share-trading, there weren't prominent relationship statistically between ownership structure and corporation performance, not the same as formly positive or negative relationship concluded by domestic and foreign researchers, or "U" pattern or "M". Simultantly, corporation performance in moderate centralized-ownership firm was superior to that of high centralized-ownership firm and scattered-ownership firm,corporation performance in the firms controlled by common-owned firm shareholders and state-owned firm shareholders was better to that of firms controlled by state-owned shareholders, corporation performance in the firms controlled by state-owned firm shareholders is better to that of firms controlled by commoned-owned firm shareholders. Just as research conclusion by mostly domestic researchers, corporation performance in china listed real estate firms was not good in terms of core return of assets, return of assets and return of earning.