A Study Of Impact Of Ownership Structure On Corporate Performance In Media Industry Listed Companies

The ownership structure is the basis of corporate governance, which affects the company’s performance through the corporate governance mechanism. With the continuous development of China’s national economy, the media industry has played a pivotal role in the future development. In2010, China’s "12th Five-Year Plan" clearly stated that" Promote the cultural industry to become a pillar of the national economy industry". It means that the development of cultural industry had been raised to the height of the national strategy. The media industry as an important part of the cultural industry will get a booming opportunity for development in the future. Therefore, optimizing the ownership structure of the media industry and playing the positive role of ownership structure in improving the media industry’s performance are not only conducive to the stability of the media industry operations, but also promote the sustained and healthy development of national macro-economic In a word, it is of great significance to study the relationship between the media industry ownership structure and corporate performance.On the basis of organizing the research at home and abroad and the Theory, the paper collated a total of108samples of data from2007to2011which were all listed media company, then discussed effect that the ownership structure do to the media industry on firm performance. This paper firstly describes the background and significance of the research, and sorts out the relevant literature and theory, then on the understanding of the status of the ownership structure and performance, to do the empirical analysis. In empirical analysis part, this paper describes the statistics of the sample data, and then does the regression analysis of the relationship between ownership structure and corporate performance of listed companies in the media industry. The results of the regression show that:The state-owned shares are negatively related to corporate performance. The legal person shares are not statistically significant to corporate performance. The public shares are significantly positively related to corporate performance. The top five shareholder equity ratio is positively related to corporate performance. The first largest shareholding ratio and Z index are not significant related to corporate performance.Finally, according to the results of the theoretical analysis and empirical testing, this paper puts forward four proposals to optimize the ownership structure and to improve company performance. First, reduce the proportion of the state-owned shares appropriately, to alleviate the negative impact of the absolute state-owned holding to the company performance. Secondly, introduce public shares to improve the ownership structure and maximize the public shares on corporate performance optimization. Third, we should maintain an appropriate ownership concentration and give full play to the role of the mechanism of checks and balances between the shareholders. Finally, we should improve the legal system of the securities market and strengthen the market supervision, to establish a healthy, orderly capital market, so that the capital can flow rationally.