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An Empirical Study of the Correlation between Ownership Concentration and Business Performance of Real Estate Listed Companies

Author: ZhangCheng
Tutor: HuangPing
School: Anhui University
Course: Financial Management
Keywords: Ownership Concentration Corporate Governance BusinessPerformance
CLC:
Type: Master's thesis
Year: 2014
Downloads: 15
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Abstract


Stock market can solve the financing needs of listed companies, ease the financial strain; help investors diversify investments, spread the risk; ensure country’s macro-control, promote the economic development. As China’s overall economy is in a period, which transited from a planned economy to a market economy. Compared with foreign securities market which is developed, China’s securities market set up later, exists many problems. In recent years, the correlation of operating performance and ownership concentration become hot in scholars’ research. Modern enterprise separated ownership and management, ownership concentration determines the allocation of the two rights, thus impact a company’s operating performance. Therefore, exploring the link between operating performance and ownership concentration can help to identify those existing problems of corporate governance in China’s listed companies, optimize the ownership structure of listed companies and improve business performance.With the rapid economic development and vigorously promoting urbanization, China has entered the main era as a housing and automobile consumer, the real estate industry has a huge role in the national economy. Because of the real estate industry is different from other industries have high risks. Studying the link between its operating performance and ownership concentration has an important significance for the entire real estate industry, as well as the overall national economy. Therefore, this paper foothold the real estate industry, selects ownership concentration and controlling types as independent variables, finds the link between them and operating performance of listed companies..In this paper, we use the methods which combine theoretical and empirical. Firstly, collate and finishing foreign and domestic theories and literature of the link between operating performance and ownership concentration; Secondly, describe the current development and characteristics of China’s real estate industry and listed companies. Finally, build a model which is multiple linear regression, use annual reports in2009-2012of listed real estate company in Shenzhen and Shanghai A, tests how controlling types and ownership concentration impact on performance in empirical methods, make policy recommendations.Chapter I:a part of introduction. Introduces this paper’s research background and significance, collate and finishing foreign and domestic theories and literature of the link between operating performance and ownership concentration, then proposes the research framework and methodology in this paper based on it, lists the possible innovation and the lack.Chapter II:a part of theoretical foundations. Explains the notions of ownership concentration and business performance, elaborate theories.Chapter III:a part of situation analysis. Describe the current development since the creation and characteristics of China’s real estate industry, analysis status of the industry, then descripts the status quo of operating performance and ownership concentration of China’s listed companies in real estate.Chapter IV: a part of empirical analysis. Firstly, defines the variables, builds model and collects samples; Secondly, statistics descriptive of sample date, grape the basic situation; Thirdly, analysis the variables’ correlation, Finally, According to a model which is multiple linear regression, tests how ownership concentration, controlling types effect performance in empirical methods, generalizes the results of empirical.Chapter V: a part of conclusions and recommendations. According to theories analysis and data analysis, generalizes this article’s conclusions, proposes recommendations to improve the ownership structure and operating performance of companies.This paper’s results shows:the largest shareholder’s shareholding ratio and the second to the fifth largest shareholders’ shareholding ratio are positively impact on business performance, we should maintain an ownership structure which relatively concentrated in general. Equity restriction positively impacts on business performance, indicate having large shareholders which could monitor each other can protect the minority shareholders’ interests, improve the company’s operating performance; Private holding type impact on business performance negatively because the ownership concentration is highly dispersed in most private listed companies, they have big problems in funds’ obtaining, so their performance is worse than state-owned enterprises’; Asset-liability ratio negatively impact on business performance, data shows that the asset-liability ratio of China’s overall real estate listed companies is high, lead to increased pressure on the company insolvent, thus it negatively impact on business performance; Company size is positively lined with business performance, larger companies gain more scale of economies; the conclusion of this article does not reflect the relationship between the ability of the company’s growth and business performance. These above shows, China’s real estate listed companies fit the relative concentration of shareholding structure, private listed companies need to further improve the corporate governance and ownership concentration.

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