Empirical Research On Relationship Between Ownership Structure And Corporate Performance Of Listed Companies Of Non-Ferrous Metals Industry

Ownership structure is the foundation of the corporate governance structure,ownership structure is reasonable or not directly affect the company’s governancestructure, and then influence the performance of the company. Therefore, therelationship between ownership structure and corporate performance has been a hottopic in academic research. The non-ferrous metal industry as the pillar industry of ournational economy, has been the national defense construction and economicdevelopment and the progress of science and technology and other aspects to providestrong support. In recent years, the rapid development of non-ferrous metal industry,continues to expand the scale of production is rising. Therefore, how to improve theoperating performance of the healthy development of our country is very importanteconomy through equity structure optimization of nonferrous metal industry.In this paper, non-ferrous metals listing Corporation as the research object, theownership structure and corporate performance on the basis of the review of relatedtheory, introduces the definition of ownership structure and corporate performance,ownership theory and principal-agent theory,analyzes the evaluation index ofownership structure and operating performance, and on this basis,this paper expoundsthe present situation of Chinese non-ferrous metals listing corporation, and with therelevant financial indicators analysis of China’s non-ferrous metals listing corporationownership structure and operating performance of the present situation, preliminarydraw their correlation.In the empirical study, this paper selects 42 non-ferrous metals listing corporationas a sample of this study, 5 years of financial data from 2009 to 2013 were analyzed, toexplore relationship between ownership structure and corporate performance. From theequity property, equity concentration and equity balance degree three aspects ofselection of independent variables,Tobin’s Q value as the dependent variable, usinglinear regression. In linear regression, the asset size, asset liability ratio as controlvariables, and finally regression model is effective. The empirical results show that:there was a significant negative correlation between the operating performance ofChinese non-ferrous metals listing corporation and state-owned shares and theproportion of the first largest shareholder, and the proportion of outstanding shares ispositively correlated, and the proportion of corporate shares and equity balance degreehas no significant correlation.Based on the above research, in order to optimize ownership structure of Chinesenonferrous metals listing Corporation, this paper made the following recommendationsfrom the perspective of China’s non-ferrous metals listing corporation:(1) to controlthe proportion of state-owned shares;(2)optimize the ownership concentration, equitybalance improvement;(3) improve the non-ferrous metals listing corporationgovernance mechanism.