An Empirical Study On Ownership Structure And Corporate Performance In Listed Companies

Ownership structure is the basic section in corporate governance, the reasonable of equity structure will directly affect the efficiency of corporate governance, and then influence the corporate performance. Since the reform of non-tradable shares in China, the ownership structure has taken fundamental changes. In the new background of Chinese stock market, the research between ownership structure and corporate performance has a timely and realistic meaning. Because the research methods, sample selection and index sources are different, scholars at home and abroad haven’t come to an agreement on this research. In this paper, on the basis of summarizing the previous researches, we choose the listed companies in the competitive industries as the research object.Using a sample of880listed companies in the competitive industries of Chinese Shanghai and Shenzhen A-share listed companies released from2007to2011, this thesis conducts a theoretical research and empirical research on the relationship between ownership structure and corporate performance, the purpose is to find the flaws of the equity structure of our country’s listed companies at the present stage, and then put forward suggestions to optimize, so as to improve the efficiency of the corporate governance and the corporate performance. The paper is consisted of the following six parts:Part I. Introduction, including the research background and research significance, the study structure and method, the characteristics of this paper and the possible shortage of this paper, the present situation of ownership structure and corporate performance.Part II. Summarize the domestic and foreign literature of annual report restatement to lay the foundation of the following study.Part III. Theory research, including the basic theories:principal-agent theory and incomplete contract theory; the theory analysis between the equity structure and the corporate performance; the theory analysis between the ownership composition and the corporate performance, and finally presents the research hypothesis.Part Ⅳ. According to the research purpose, the thesis designs the research. Including three sections:the sample selection and index sources, the definition of the variables and the construction of the model.Part Ⅴ. Empirical analysis. On the basis of the fourth parts, this thesis carries on the multiple regression analysis. Research results show that, on the whole, state-owned shares and tradable shares has a negative relation with corporate performance respectively; Legal persons shares has a positive relation with corporate performance; equity concentration and corporate performance have the relationship of reverse U. Finally this thesis gives an economic explanation to the empirical results.Part Ⅵ. On the support of research data, the thesis gives a few suggestions. Recommendations focus on Optimizing the equity structure form different angle, the purpose is to improve the environment of the corporate governance, and finally improve the corporate performance.