Study Of Ownership Structure And Business Performance Of Listed Companies

Company ownership structure as a main part of corporate governance structure is the basis of corporate governance structure, different ownership structure, forming different corporate governance efficiency, thus affecting the level of corporate performance. The defects of the ownership structure of China’s listing Corporation is an objective existence, most of the relevant empirical analysis has been confirmed. In foreign countries, the research on the relationship between ownership structure and corporate performance earlier, has formed the rich theoretical system, but showing a diversity and complexity of the ownership structure in our country, with foreign difference is very big, copy the foreign classical theory is not feasible. Moreover, due to the SME board listed companies with the main board listed companies in terms of the size of the company, company nature exist different SME board listed company ownership structure, between the ownership structure of the companies and listed on the main board also exist bigger difference.Based on the SME board listed companies for example collected 2012-2014 data, empirical analysis on ownership structure and performance, a critical study of the corporate governance structure, the equity structure of study the corporate performance and in the end there is a what kind of relationship and hope to answer how ownership structure can be used to improve the efficiency of corporate governance, and improve the performance of the company, hope for the future Corporate Governance of our country small and medium-sized enterprise to provide a stage of evidence. Provide a more comprehensive theoretical support for China’s current corporate governance theory. The research conclusions are as follows:State shares shareholders holding negative correlation with corporate performance this hypothesis. Proportion of state-owned shares and performance is not significant positive correlation. Through the state shares of listed companies to maintain good relations with the government and the government in recent years, the increase of the state-owned assets supervision, make positive effect on the performance of state-owned shares is beyond the current negative utility.The institutional shareholders holding and corporate performance is positive correlation between the hypothesis. China’s institutional shareholders is not chosen by the market according to the competitive environment and the need of financing form, such as legal person share not listed on the second levy market circulation, it represents not only including the private capital and the collective capital, include state-owned capital, and is relatively concentrated. Therefore is likely to have the legal person share the enterprise itself is also by the management system of state-owned enterprise, thus it is difficult to fully market-oriented ways to motivate holding enterprise development and improve its performance.The current ownership is negatively related to the company’s performance this hypothesis. In the majority of investors are short-term investment under the premise of tradable shares for the company’s performance of positive effect and influence on management play is extremely limited. Therefore, tradable shares and corporate performance is not significant correlation.The top three shareholders’ shareholding into positive correlation with corporate performance this hypothesis was established. This shows that the higher the ownership concentration, the company business, the better. Equity is not conducive to improve the corporate performance of listed companies.