An Empirical Study On Relationship Between Ownership Structure And Company Achievements Of The Listed Companies Of Shandong Province

In the last few years, the relations between ownership structure and the company achievements are one of the hottest topics the financial theory even the enterprise theory research pay attention, the reason that arouses everybody's interest is because the ownership structure takes the company management structure the important component and the foundation, whether its establishment condition does operate to the company the efficiency to have the decisive function reasonably. A reasonable company's management structure needs take a reasonable ownership structure as the support. The majority listed company of Shandong Province come by the State-owned business remanufacture, to have the special stockholder's rights structure. This article studies the Shandong Province listed companies's ownership structure and the company achievements reciprocity through the empirical analysis, to improve the Shandong Province to be listed company management structure, the promotion company achievements to propose the rationalization proposal.The article first introduces about the stockholder's rights structure and the company achievements related concept, the rationale and the domestic and foreign research literature summary. Then uses the real diagnosis the research technique, in the related research results and in theoretical analysis's foundation, proposed between the stockholder's rights structure and the company achievements relates research supposition. Before January 1, 2004 goes on the market the Shandong provincial office to study the sample, and selects the sample 2004-2006 year variable data, uses statistical method which returns and examines, has carried on the empirical analysis to the Shandong Province ownership structure and the company achievements' correlational dependence, the annual data which to be listed announces is this article conducts the empirical study the main data origin.After the empirical analysis, draws following conclusion: The Shandong Province To be listed state shares own stocks the proportion and the company achievements present correlational dependence; The corporate shares owns stocks between the proportion and the company achievements the correlational dependence is not remarkable; The circulation stock owns stocks the proportion and the company achievements assumes the remarkable inverse correlation relations; Stockholder's rights concentration degree and company achievements present correlational dependence.Finally, the conclusion of the study, to improve the listed companies in Shandong Province equity structure, improving corporate governance efficiency and improve business performance of listed companies raised Suggestions: First, the reduction of state-owned shares should be careful; Second, to foster corporate shares consisting mainly of investment holdings; Third, at the present stage, Shandong Province stake in a listed company should not be too scattered, a certain degree of concentration can improve equity of shareholders to monitor the efficiency of the company's management.