Study On The Influence Factors Of Corporate Performance Base On The Ratio And Change Of State-owned Shares

The problem of governance structure cause of the Principle-agency raised the separation of ownership and controlling rights of the firm in the modern corporation. The governance structure is an arrangement of system, which regulates the relations of rights, duties and interests among different interests subjects on the basis of separation and integration that capital ownership of laws and economy or investor and manager in modern corporations. The fundamental goal is to improve the corporate governance performance of the company, effective and orderly development. The inefficient reasons of the listed companies'performance are various, but the most important reason is to occupy a larger proportion of state-owned shares. "due to the dominance of special ownership structure" serious problems, resulting in low efficiency in corporate governance.The outstanding performance of listed companies are "principal owner of Absence" and "internal control". The final results showed poor performance of listed companies.They have sought reasonable equity structure, improve corporate governance and improve the performance of the company has become an important theoretical issues of widespread concern. Impact on the corporate governance structure of reality, the state-owned shareholding structure and nature are decisive significance. It was with this background of this study.Based on 707 companies listed on the Shanghai stock market from 2003 to 2005 for the three year period 2121 observation samples,the Empirical Study on influence factors of company's performance based on the ratio and change of state-owned, said :①Total assets have a significant effect on company performance.②And no change in the number of shares of state-owned shares in state-owned share of more than 20%. The average pay of senior managers have a significant impact on the performance of the company, but in other cases not very significant. This shows our listed companies "due to the dominance of special ownership structure", there is a positive correlation between the company's performance and remuneration of senior management staff. China's state-owned shares in listed companies accounted for under the equity ratio of less than 20%, The remuneration of senior management system still lacks an effective mechanism.③And the increase in the number of shares of state-owned shares in the relative concentration of (state-owned shares account for 20% -50% of total equity) of the circumstances, Senior administrators holding significant impact on the company's performance; state-owned shares in the total equity of less than 20% or greater than 50% of the cases, The average holding senior management had no significant impact on the company's performance.④The proportion of the total equity of state-owned shares of less than 20% and more than 50% of the cases, do not significantly affect the performance of the company; The proportion of the total equity of state-owned shares in a relatively concentrated (20% -50%) in the circumstances, the company's performance significantly.⑤Only in the relative concentration of state-owned shares, all variables (the size of the firm, the average remuneration of senior managers, per capita holding senior managers, the company's growth) have a significant effect on the company's performance. Therefore, the total equity of state-owned shares in the ratio of the corresponding period of range (20% -50%)the performance of listed companies will reach an optimum.Based on the empirical basis and propose some suggestions. Include deepening of state-owned assets management system; improving the corporate governance structure through non-tradable share reform; improving the incentive mechanism in listed companies.