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Research on Listed Companies Ownership Structure to Performance of Corporate Governance

Author: MaFeiZuo
Tutor: SongXiaoZhong
School: Yanshan University
Course: Accounting
Keywords: Ownership structure Iron and steel industry Listed company corporate performance Principal component analysis Regression analysis
CLC: F276.6
Type: Master's thesis
Year: 2010
Downloads: 216
Quote: 0
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Abstract


As ownership structrue is an important part in corporate governance,it plays a great role in shareholders’ intrests、improvement of company’s performance and effective corporate managment.The ownership structrue of listed company in China’s iron and steel industry featrued as the conditions that excessive concentration of shares,the proportion of large state-owned shares and the lack of institutional shareholders and the other irrational phenomenons.These factors hampered the shareholders from exercising their legal rights,they also set up barriers to the transfer of control the company,all these affect the company’s operating performance.If they aimed to enter international markets and improve their competitiveness,they should improve the unreasonable ownership structrue.Firstly,based on reviewing relevant literatrue ,this paper will analyse recent status of ownership structrue from the property of the equity、ownership concentration、the proportion of managerial ownership and other aspects.At the meanwhile,desribing the mechanisms that ownership structure works on the performance of corporate through corporate governance structrue.Secondly,on selecting the performance indicators,this article selects seven financial indicators from profitability,solvency and operational capacity these three aspects,using descriptive statistics,principal component analysis to get a comprehensive management performance indicator.Then take advantage of multiple regression analysis to reveal the internal relations under certain economic system.Thirdly,this article draw the conclutions through empirical research as follows:Firstly, State-owned shares had negative correlation with firm performance;Secondly, Equity owner stock had weak quadratic curve relation on corporate governance;Thirdly, Proportion of outstanding shares and firm performance is positively correlated;Fourly, Proportion of the largest shareholder and corporate performance relationship like inverted U; At last, Managerial ownership had no significant impact on firm performance.According to previous knowledge and methods, some suggestions are given as follows:At the premission of the state shares maintaining the status of controll,reducing its propertion through repurchase and placement,etc.Reducethe proportion of the largest shareholders,distributing the control appropriately to the hands of a few major shareholders.Introduce insititutional shares and community share holders in order to improve ownership structure,adjusting moderate ownereship concentration.Increase the proportion of managerial ownership,making incentive and restraint mechanisms effectivly,improve relevant laws and regulations and strengthen efforts on supervision.Finally, this paper presents the study’s limitations and future research needs to improve.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company
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