China's Automobile Manufacturing Industry Listed Company Ownership Concentration And Corporate Performance Correlation

The ownership structure of listed companies is an important content of corporate governance, as a very important part of the shareholding structure; ownership concentration has been the object of academic research, the research centered on the correlation of ownership concentration and corporate performance and the impact of ownership concentration on firm performance. Because of ownership concentration determines that the allocation of rights between the various stakeholders of the company, that has an important influence on corporate governance. And corporate performance, the core of enterprise development, determines the competitiveness of enterprises in the market.Domestic and foreign studies have shown that the correlation between ownership concentration and corporate performance have different performance in different industries. Even, in some sectors, ownership concentration and corporate performance is not having a significant correlation. Therefore, in order to discuss the correlation between ownership concentration and corporate performance in the China's automobile manufacturing listed companies, and give corporate governance proposals from the perspective of ownership concentration, On the basis of elaborated the theory and constructs a research framework, This paper selects65companies'publicly available dates of nearly five years in the automotive industry in China listed companies as the study sample, and to do empirical analysis about the data, in order to analyze the correlation between ownership concentration and corporate performance of listed companies in the automotive industry of China and find problems,make recommendations.In accordance with the general process of the study, this paper describes the research's industry background, purpose, significance, research methods and analytical framework. On this basis, this article specifically addressed the concept of corporate governance, ownership structure and related theories, which are closely related to ownership concentration and corporate performance, and then describes the concept, function and measure of ownership concentration and corporate performance, all of the above exposition, as the theoretical basis of this article. We see that the conclusions of the study of the correlation on ownership concentration and corporate performance at home and abroad the following: Positive correlations or negative correlation or curve related or unrelated between ownership concentration and corporate performance, Ownership concentration and corporate performance's relationship has different performance under different conditions, Does not exist an absolutely reasonable degree of ownership concentration, Relational model does not exist a wide range of adaptive, these illustrate the necessity of research done in this article.In the empirical analysis section, based on previous theoretical discourse, put forward specific hypotheses, in accordance with the specific circumstances of the listed companies of China's automobile manufacturing industry. And then, Firstly, selecting the concentration of ownership stake of the largest shareholder, Shareholding ratio of the sum of the top five shareholders, Sum of top ten shareholders stake, Percentage ratio of the largest shareholder and the second largest shareholder and Sum of the squares of the top five shareholders ownership as explanatory variables. Secondly, selecting Earnings per share, Net return on equity, and return on assets as explained variables. Finally, selecting Select the total assets and asset-liability ratio as control variables. On the basis of selected variables, Descriptive analysis, The Pearson correlation analysis, Partial correlation analysis and Regression analysis were performed on sample data to draw concrete conclusions. Through the above analysis, this article made the following recommendations:Reduce the number of state-owned shares and the stake of largest shareholder, Construct moderately concentrated ownership structure with checks and balances.