Research On The Relationship Between Ownership Structure Of Listed Firms And Enterprise Performance

ThisThis article selects the 2010-2018 A-share listed company micro data of the Shenzhen Stock Exchange and the Shanghai Stock Exchange as the research samples.lt theoretical analyzes and empirically examines therelationship between the ownership structure andthe firm performance from three perspectives:the nature of ownership,the degree of ownership concentration,and the degree of ownership balance.Draw the following conclusions from it:the nature of ownership and firm performance are negatively correlated,that is,firm performance will gradually improve as the nature of ownership changes from state-owned firms to non-state-owned firms.Both the ownership concentration and ownershipbalance of listed firms have a significant inverted U-curve impact on firm performance,that is,firm performance will initially increase due to the increase in ownership concentration and ownershipbalance,but when the ownership concentration and ownershipbalance increase to a certain height,although the degree of ownership concentration and the degree of ownershipbalance will still increase,firm performance is on a downward trend.The nature of different ownership will have a certain degree of impact on the relationship between the ownership structure and firm performance.The degree of ownershipbalance of state-owned firms has a greater impact on firm performance,while the degree of ownership concentration of non-state-owned firms has a greater impact on firm performance.The industry that a company belongs to will also have a certain degree of influence on the relationship between the ownership structure and firm performance.The degree of ownership concentration and ownershipbalance of manufacturing firms have a greater impact on firm performance than non-manufacturing companies.