| Ownership structure is the foundation of corporate governance, and the corporate governance decides the effieiency of corporate performance. The study of the relationship between ownership structure and corporate performance is carried out through combining the theoretical analysis and empirical analysis. In the theoretical analysis side, firstly to define the essence of ownership structure, then to analyze the basic tenets between ownership structure and corporate performance.In the empirical analysis side, this paper has selected 1349 listed companies in the Shanghai stock exchange and Shenzhen stock exchange in 2008 as samples. This paper makes corporate performance, ownership structure, assets size and debt scale to be the variable. This paper supposes the correlation between ownership structure and corporate performance which is tested by pearson correlation and confirmed by linear regression.The empirical results show that:1.Proportion of prima stockholder(CR1) and forward five stockholder(CR5) have a significant positive correlation with corportate performance; 2.Corporate performance is significant "reversed U-style" related with ownership concentration (H5 index); 3.The balanced degree of ownership (Z index) has a negative correlation with corporate performance; 4.Assets size and the existence of state-owned stockholder have a significant positive correlation with corportate performance; 5.Debt scale has a negative correlation with corportate performance.Finally, based on the theoretical analysis and the result of the empirical study, this paper puts forward some helpful opinions and suggestions to optimize the ownership stucture to improve corporate performance:1.Creating a banlanced ownership structure; 2.Bringing in professional manager system to boost the development of manager market; 3.Accelerating the establishment of law system to protect investors further; 4. Decreasing state-owned shareholdings cautiously. |
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