The Analysis Of The Relationship Between Equity Ownership Structure Of Companies And Their Performance

Ownership structure and performance of the company has been the relationship between theory and practice focus of attention, mainly because the company ownership structure and governance to promote the company’s operations of the important relationship exists between the mechanism.However, the study of this issue has not yet reached the same conclusion. For Chinese economy are two main forms of organization-state-owned enterprises and private enterprises, due to their ownership structure and operating mechanism in the differences in their ownership structure are quite different. So, China’s state-owned listed companies and private equity structure of listed companies there are differences in governance structure of state-owned listed companies and private companies the performance of listed companies are the same, this property for different companies according to their characteristics to optimize the governance structure, has a very important practical significance.In this paper, a theoretical and empirical, qualitative and quantitative research methods were used indicator of economic value added (EVA) and return on equity (ROE) as indicators of company performance, EVA is not only taking into account the cost of debt capital, equity also considered cost of capital, can reveal a more realistic operating performance of listed companies, can help investors determine whether a company in the current real value for shareholders. In this sense level, this article studies the management and investment for the company’s shareholders of listed companies has a special value; and ROE as performance indicators for traditional research to provide a reference value. In theory, the ownership structure and corporate performance has defined the content, and principal-agent theory, property rights theory, these basic theories is analyzed. In empirical terms, this paper selected listed companies in Shanghai and Shenzhen stock2008-2010for the sample of manufacturing, using descriptive statistics and regression analysis, and equity ownership concentration from these two studies constitute the state-owned and private equity structure of listed companies the impact of corporate performance. Studies have shown that:in our present circumstances, often the largest shareholder’s ownership percentage is not low, although can not be listed for circulation, but this form of the transfer by agreement, allow the flow of private equity and strong in the state-owned shares, state-owned the nature of the company’s equity owners of vacant situation, and private equity generally are vested in the hands of family or a natural person, a relatively clear ownership, private listed companies, corporate performance is superior to state-owned listed companies.In the end of the article, according to previous conclusion, the following policy recommendations:At present, China’s private listed companies, ownership of clarity is better than the owner of absence of state-controlled listed companies, thus increasing the company’s ownership of the specific non-state nature of the shareholding ratio can effectively improve the company’s operating performance. In addition, caution should be state-owned shares, to develop institutional investors, improve the capital market structure and information disclosure mechanisms.