An Empirical Study Of Listed Securities Companies’ Ownership Structure And Corporate Performance

The researchs about relationgship between Domestic Listed Companies Ownership Structure and Corporate Performance are more, but relatively few studies on the relationship between listed securities company ownership structure and operation performance. But among these existing studies on the relationship between ownership structure and company performance, the data used for these studies are earlier years, In addition, Performance evaluation method selected divers, and there is a small sample size and a shorter period of issue, these factors affect the accuracy of the empirical analysis to a certain extent. This article will be based on profound changes in listed securities company ownership structure, management philosophy and governance of this reality since 2008, select 17 A-share listed securities company in 2009-Data 2014, a total of six years, then Construct a comprehensive performance variable by principal component analysis as the dependent variable,Introducing the proportion of the largest shareholder, the proportion of the top five shareholders and equity balances of three indicators as explanatory variables in the ownership structure. We adopt panel data empirical analysis, establish a fixed effects model, empirical analysis concluded that the proportion of the largest shareholder of listed securities companies show a significant positive correlation with operation performance, the study reveals positive correlation between the ratio of the top five shareholders and corporate performance,equity balance and corporate performance positively correlated. In addition, in order to explore the relationship between the nature of big shareholders and corporate performance, this paper take the comparison between groups and independent testing of samples Through testing, we found that there is no significant relationship between the nature of the largest shareholder and Firm Performance.Finally, according to the conclusions, this paper presents some reasonable proposals that maintain an appropriate concentration of ownership, introduce private large shareholders to increase Shareholdres equity balance and enhance business vitality, Government and regulatory authorities shoud continue to deepen the capital market reform, improve relevant laws and regulations, establish and improve the systems of professional managers, listed securities companies should implement stock options, and focus on long-term incentives.