The Influence Of Ownership Structure On Total Factor Productivty Of China's Listed Company

Enterprise Efficiency is not only an important index of macroeconomic,but also the direct concern of micro enterprise.Among numerous efficiency indexs,the total factor productivity(TFP)which reflects enterprise production frontier is the key point of this study,the ownership structure will influence the distribution of enterprise production factors and resources,thus directly or indirectly have an impact on productivity.Therefore,this study tries to analyze the relationship between ownership structure and TFP according to theory about corporate governance.Based on this,this study took the panel data from 2010 to 2013 of domestic listed companies as the sample,utilized the Olley-Pakes semiparametric method to estimate the companies' TFPs,and conducted empirical research on the relationship between equity structure and TFP in the framework of principal agent theory.The results indicate: as for the listed companies,there is a strong positive correlation between equity concentration and TFP.With higher equity concentration and stronger incentive of controlling shareholders,there is more likely a support effect boosting the TFP.Proper structure of equity concentration and balance helps enterprises to enhance the TFP,improve the utilization efficiency of resource commitment and promote production and management.Moreover,this article provides estimation and evidence of the TFP by industry and found out that the degree of validity varies by industry with analysis into the differences based on industry characteristics.At last,based on the empirical conclusions,according advices are given from micro and macro aspects.