The Research On The Relationship Between Ownership Structure And Corporate Performance Of Real Estate Listed Companies

Corporate performance and corporate governance structure are closely related, and the ownership structure is a foundation of the corporate governance, so there must exist some relationship between corporate performance and ownership structure. In recent years, domestic and foreign scholars focus on researching the relationship between ownership structure and corporate performance, and have made some achievement. However the study for the real estate industry is still relative fewness. The real estate industry as a pillar industry of the national economy, the stability of its performance in large part determines the economic development and social stability. And as a special industry, the real estate has there own industrial characteristics. It selects sixty-four estate listed companies which listed in Shanghai Securities Exchange and Shenzhen Securities Exchange as researching samples and try to find out the relationship between ownership structure and corporate performance, and then propose the recommendation according to the conclusion of the study to optimize the ownership structure of listed real estate companies, and improve the performance.First of all, the domestic and foreign literature about the relationship between ownership structure and corporate performance are reviewed and summarized. Then expound the related concept of ownership structure and performance, summarizes the theoretical basis. Then analyze the data of sample companies from2006to2010, sum up the ownership structure characteristics of real estate listed companies, and do regression analysis of corporate performance from the three aspects of ownership structure-ownership properties, ownership concentration, and equity balance degree. The empirical results show that:proportion of state-owned share and corporate performance are not exist correlation; the proportion of legal person share and corporate performance are positive correlated; the proportion of tradable shares and corporate performance are negatively correlated; the relationship between the ownership concentration and corporate performance is positive correlated;the equity balance degree and corporate performance are positive correlated. Finally according to the conclusion of the study, list the recommendations including: full attention and play the role of legal person share in company management; vigorously develop institutional investors; optimizing ownership concentration and improve equity balance degree; strengthen the market supervision and the building of legal system.