Research On Ownership Structure And Corporate Performance

The article takes the event happened in Chinese stock market that Yaozhenhua of "treasure energy system "takeover Vanke as the starting point to study which kind of ownership structure is most reasonable in improving the company’s performance.There are various ownership structures on the market,the lower concentration of ownership concentration or the higher.Then what kind of ownership structure is more suitable for the development of quoted company,and more conducive to improve the performance of quoted company.This paper will use a large number of empirical data to research.This article discusses from two aspects:First,the aspect of agency cost,this article chooses the sample data of manufacturing enterprises in recent years to study the influence of different ownership structure on agency cost.The ownership structure includes:Centralized system,the management of the shareholding system,the institutional investors holding the stock system and equity checks and balances of these four ownerships structure.The research model uses a multiple linear regression model,which replaces the cost of agency with the cost of management.The higher the index,the higher the agent cost of the firm.The specific process is described in detail in the third chapter of this paper.Second,the discussion of what kind ownership structure is most conducive to improve the performance of listed companies,with the competitiveness of the score to be quantified.This paper chooses the financial public data and analyzes the financial data of the listed companies adopting the ownership concentration system and the equity check and balance system.The research method is factor analysis,we will use the Score to quantify the competitiveness of listed companies,which is calculating from the model of 11 principal component factors.The results show that the ownership concentration system is positively correlated with the factor analysis score,and the Score of the company with high ownership concentration is significantly stronger than that of other companies.The Score of the equity checks and balances system is positively correlated with the competitiveness score of the listed companies,but this correlation Weak,and there is a certain interval effect of equity balance,which will be discussed in this paper.Finally,this article puts forward how to choose ownership structure for the company,and points out the shortcomings in this article.