An Empirical Study On The Relationship Between Stock Ownership Structure And Corporate Performance Of Listed Companies In Coal Industry

The rationality and stability of ownership structure has a very important impact on company’s behavior and performance.After the golden decade,the coal industry is facing the complex internal and external environment.It is one of the main industries in China to push forward the structural reform of the supply side.The "debt to equity swap" and "mixed ownership" reform are also being vigorously promoted in the coal industry.The study of the relationship between the ownership structure of the coal industry and the performance of the company is of great significance.This paper first summarizes and evaluates the literature at home and abroad.Based on the basic theories of financial management and corporate governance,this paper puts forward the research hypothesis,selects the sample data of the coal industry from 2003 to 2016,and then uses factor analysis and regression analysis to make an empirical study.The relationship between ownership structure and corporate performance of listed companies in coal industry is discussed in two different periods before and after the split share reform.The main work results and conclusions are as follows:(1)From the two angles of equity property and ownership concentration,the stock ownership structure of China’s coal industry is studied by using the descriptive statistics method.The results are as follows:in the aspect of equity property,the state-owned shares are dominant before the split share reform,many coal shares can not be circulated,and the proportion of state-owned shares has fallen sharply after the stock reform,the proportion of floating shares has been greatly improved.And there has been no significant change in ownership concentration before and after the reform,all of which are highly centralized.(2)The factor analysis method is used to deal with the selected performance indicators,and the comprehensive performance index is used to represent the performance level of the enterprise.Through the descriptive statistical analysis,the development and changes of the coal industry performance level are discussed.The research shows that the comprehensive performance level of coal industry has decreased after the split share reform.(3)Through the regression model,the relationship between the ownership structure and the company performance in two different stages of the coal industry is analyzed,and the empirical results are obtained.The research finds that the influence of the ownership structure on the performance is different in different stages:The proportion of state-owned shares in two stages has no significant effect on performance,but it also plays a little positive role in the second stages;The role of the proportion of floating shares in the two stage is opposite;ownership concentration has a significant positive effect on performance in the first stage,but in the second stage it has a certain inhibitory effect.This paper,taking the listed companies of coal industry as the research sample,empirically analyses the relationship between the ownership structure and the company performance of the coal industry,explores the existing problems and shortcomings,which are beneficial to the optimization of the stock ownership structure and the improvement of the performance level in the coal industry of China.