Pharmaceutical Industry In China Listed Companies Ownership Structure On Corporate Performance

In the research of the relationship between ownership structure and performance of listed companies, how dose the rational disposition of stock right structure improve the performance of the company has been the main study direction both at home and abroad for a long time.But, because of the difference of research ranges and research approaches, there's no final conclusion to this question untill today. In china, most of the listed companies are reorganized and reformed from the state-owned enterprise, and developed during the transition from planned economic system to market economic system. Because of this particularity, the study of the relationship between the structure of stock right and the performance of listed companies still has lots of meanings both in theory and practice aeras.This paper takes 72 listed medical trade companies of China as the sample, and according to the annual reports of the listed companies from 2006 to 2008 to get a group of three years panel data.Based on the data, the paper start to do the empirical study and analysis via the Eviews software. The empirical study launched from two aspects:the stockholder's property and the ownership concentration. The paper set up two groups of panal data models, and three models each.After the empirical study and analysis, the paper has drawn the following conclusions: First, according to the stockholder's property, the paper found that the state-owned stock proportion and the legal person stock proportion have a remarkable positive correlational dependence with the performance of listed companies,and the public stock proportion has a weak positive correlational dependence;Second, according to the ownership concentration, the first major stockholder's proportion negative related to the performance of listed companies, the five major stockholders'proportion positive related to the performance of listed companies.Finally, based on the empirical study findings, the paper proposing a number of specific policy recommendations, including:keep an appropriate proportion of state-owned stock; optimal the ownership concentration and increase other largest shareholders'ratio; diversify the shareholders'property; improve the information disclosure system of listed companies and the legal environment, etc.