The Impact Of Ownership Structure On Corporate Performance Based On Chinese Listed Companies

China's economy is going through a fundamental transformation towards a quality and efficient one.Against the backdrop of “new normal” and supply side reform,increasing corporate performance is an important task.However,Chinese listed companies often see their development constrained by ownership structure.Since the government,through economic and administrative means,can have a rather heavy hand in resource distribution.It is in this context that this paper tries to study how state-ownership influences the corporate performance of chinese listed companies and explore ways to improve corporate performance and thus promoting market's role in resource distribution.Using a sample of Chinese listed companies in Shanghai and Shenzhen A-share market between 2005 and 2016,this paper analyzes the current situation of Chinese listed companies' ownership structure,and uses DEA model to measure corporate performance of Chinese listed companies.By applying Tobit model and RD design to examine the dynamic relationship between state ownership and corporate performance.Analysis shows in most circumstances,the performance of Chinese listed companies is generally poor.There's no linear correlation between ownership structure and corporate performance.There's an obvious negative correlation between proportion of state-owned shares and corporate performance when state ownership is in absolute control status.It is a positive correlation when state-ownership is in relative control status.Corporate performance increases with state-ownership proportion rises in companies invested but not controlled by state-owned shareholders.The variance of ownership and concentration of company shares is an important factor to influence on corporate performance.An inverted U-curve relationship exists between the proportion of state-owned shares and corporate performance.The research conducted in this paper further develops the ownership structure and corporate performance theory;Shed light on the reform of state own ership,and hopes to thus improve corporate performance.