| Through the analysis of China’s private listed companies 2015 annual report can be found there are some differences between the first shareholder of private listed companies of different ownership,in this case,in order to better study the private listed company ownership structure,executive ownership and performance should take into account the impact of the proportion of the first shareholder difference on the results.So in this case,to study the relations between ownership structure,executive ownership and performance better,the influence of the proportion of the first shareholder difference on the results of empirical analysis of the research samples should be taken into account..So according to the proportion of the first shareholder,the research data is divided into three samples the research range: relatively dispersed ownership concentration(the proportion of equity of the largest shareholder is less than 20%),the relative concentration of ownership concentration(the proportion of the first largest shareholder is 20%-40%),absolute Holdings(the proportion of the first largest shareholder is more than 40%)of Regression analysis is made on each classification sample to know the correlation between variables.Finally,the paper got targeted and ture results by studying the relationship between ownership structure,executive stock ownership and corporate performance.In addition,in order to obtain a conclusion that is more consistent with current research situation,this paper made an empirical analysis towards the relation of China’s private enterprises ownership structure,managerial ownership and corporate performance with the research interval from 2012 to 2015,which is the latest data that can be obtained.Data used in this paper come from Guo tai’an’s database and Wind database.The proportion of the first shareholder,executives shareholding ratio and net assets yield data is obtained directly,the other data is obtained by the calculation of EXCEL2010.All the data processing are completed by EXCEL 2010 and SPSS17.0.In addition,in order to improve the effectiveness of statistical analysis,some original sample that didn’t meet the requirements is eliminated.Finally,after sorting out the sample data,SPSS is used to complete the single factor variance analysis,descriptive statistical analysis,correlation analysis and multiple linear regression analysis.Some facts are showed through the data analysis and multiple linear regression analysis of the sample:(1)When the proportion of the first largest shareholder is less than 20%,there is no significant positive correlation between the proportion of the first largest shareholder and corporate performance.(2)When the proportion of the first largest shareholder is more than 20%,there is a positive correlation between the proportion of the first largest shareholder and corporate performance.(3)Regardless of the proportion of the largest shareholder,there is a significant positive relationship between the sum of the proportion of the second to the tenth largest shareholder of the private enterprise and its performance.(4)Regardless of the proportion of the largest shareholder,there is a significant negative correlation between the proportion of executive stock ownership and corporate performance.In order to effectively improve private enterprises corporate governance mechanism in China and enhance the profitability of private enterprises,this paper analyzed the results and suggested that private enterprise can increase its proper ownership concentration and equity balance degree andestablish a relatively concentrated ownership structure.In addition,this paper also suggests reducing the proportion of executive stock ownership due to the fact that the current internal and external supervision mechanism is not perfect,because the private ownership of executives has a negative impact on their profitability.Finally,private enterprises should choose the appropriate scale of the enterprise and control the asset liability ratio in a reasonable range with accordance of their own characteristics,because a high debt and asset ratio will increase business risk and is not conducive to the increase of profitability. |
