| With the development of domestic capital market, the ownership structure of A-share listed companies are undergoing diversification, which further strengthen its connection with the stock performance.The past research shows that the academicians focused more on the relationship between ownership structure and corporate governance, while this paper illustrates a mechanism that how ownership structure affect the stock yield through its impact on investor’s expectation. The insight presented by this paper has both theoretical and practical significance, which might help to add some contribution to the research in this field.This thesis sketched both foreign and domestic research actuality, emphatically introduced the transmission mechanism between ownership structure and stock yield. State-owned shares and legal persons’ shares are most concerned when analyzing the ownership composition, while ownership concentration can be divided into two aspects. Internally, it is defined by incentive mechanism and supervision efficiency, as for externally, it’s M&A and proxy contest. Investors can trace the corporate governance and operating performance through the analysis of the key factors of ownership structure.Moreover, this thesis analyzed actuality of A-share market’s ownership structure and found that although the proportion of the non-state-owned enterprises were rising, the high ownership concentration issue is still compelling. After that, this paper set up the empirical analysis on the effect of ownership concentration to stock yield. The three hypothesis raised by the thesis are proved to be true according to the result of the analysis.At last, what suggested here is that as an important part of the ownership structure, ownership concentration has great impact on both corporate governance and operating performance, especially to those non-state-owned enterprises and small-caps. Hence, investors should pay more attention to this relationship when set up their portfolios. |
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