Ownership Concentration, Equity Liquidity Impact On China's Listed Companies Performance

The relationship between ownership structure and corporate performance is an important research area on corporate governance.At home and abroad the research on the ownership structure and performance has been concentrated from two angles:the equity properties and ownership concentration.Staticly exploring ownership structure impact on corporate performance,and research conclusions are divergent.From the dynamic point to explore ownership structure impact on the performance is relatively little.At the same time, previous studies have suggested that ownership structure is endogenous,for which this article firstly does Hausman endogeneity test on the relationship among ownership concentration,equity liquidity and performance.Moreover,currently the reform of stock right splitting has been near the end and will directly affect ownership concentration.But domestic scholars lacks of research on that the reform affect ownership concentration equity liquidity and operating performance.This article is on this background,from the dynamic point to study on the relationship among ownership concentration,equity liquidity and performance.At the same time,explore the reform policy impact on the corporate performance.This article is divided into five parts.Part I:Introduction.Introduce this subject background,related literature review,topics motivation,research ideas and research methods,research framework and thinking arrangements.PartⅡ:Related theoretical analysis.Analyze the reform's theoretical basis and significance combining with actual situation of China.Part III:Empirical research on the relationship among ownership concentration,equity liquidity and operating performance.Enlarge time span,select samples and definit variables.Fully control enterprises'heterogeneity and build dynamic panel data model to study the relationship among ownership concentration,equity liquidity and corporate performance.Shanghai and Shenzhen stock markets in 1999-2007 years,total into 629 listed companies in 6228 as the research object and come into conclusion that our country major shareholder on corporate performance is more negative occupation effects.At the same time also come into the conclusion that the reform policy improve performance,equity liquidity impact on performance isn't relational which is related with the small China's shares proportion.PartⅣ:Point out policy recommendations to improve performance after the reform.This section does not rigidly adhere to count changes result in business performance,and finally hope that point out policy recommendations to improve performance and provide data and decision-making to the reform through analysis of changes reasons.Part V:Summary and Outlook.Introduce major and other relevant findings,while pointing out prospects on the relationship between ownership structure and corporate performance.