Ownership Structure,Property Nature And Company Performance

Since the establishment of the modern corporate system,there has been a lot of research on the principal-agent problem brought about by the separation of company ownership and management rights,which has triggered a worldwide upsurge in the impact of ownership structure on corporate performance.Since the reform and opening up,China has continuously expanded its openness,and corporate governance issues have also received increasing attention from the academic community.Domestic research on the relationship between ownership structure and corporate performance has continued to emerge from the last century.As an emerging market,China has a special national situation.The existence of the nature of special property rights in China determines that the principal-agent problem of state-owned enterprises is more complicated than that of non-state-owned enterprises.Using the data of listed companies in China to empirically study the relationship between ownership structure and company performance,it is helpful to enrich the governance theory of listed companies in China,and it has special significance for listed companies to find their own ownership structure.This paper will re-examine the relationship between ownership structure and company performance from a new perspective—the life cycle of the enterprise.At the same time,in order to eliminate the interference of industry competition factors,this paper uses the financial data of China’s manufacturing listed companies from 2015 to 2017 as the research variable.The cash flow is used as the basis for dividing the life cycle of the enterprise.The paper analyzes the impact of equity concentration and property rights on the company’s performance under different life cycles.This paper first reviews the relevant literatures at home and abroad and makes a brief review.Then it introduces the related theories of ownership structure and life cycle.Based on this,the hypothesis is derived,the model is established based on the hypothesis,and the empirical test is carried out.Through research,it is found that the influence of ownership structure and property rights on company performance changes with the life cycle of the enterprise:(1)When the enterprise is in the growth stage,the concentration of equity is positively correlated with the performance,while the relationship between equity balance and company performance is not significant.(2)The company enters the maturity date,the relationship between the equity balance and the company’s performance becomes negligible,and the improvement of the equity balance will significantly improve the company’s performance.(3)State-owned holdings will have a significant negative impact on performance regardless of maturity or growth rate.Further research found that during the growth period,the impact of stateowned holdings on company performance is much greater than the maturity period.At the end of the paper,some suggestions for the governance of listed companies in China are put forward.At the same time the paper points out the shortcomings of this paper and looks forward to the future research direction of listed companies in China.