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Ownership Structure and Corporate Performance

Author: XiaoZuo
Tutor: AoLiHong
School:
Course: Business management
Keywords: ownership concentration equity balances institutional investors corporateperformance
CLC: F271
Type: Master's thesis
Year: 2014
Downloads: 4
Quote: 0
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Abstract


In recent years, corporate governance issues being widely discussed is a hot issue, and asthe core, corporate governance and ownership structure has got the extensive concern ofacademic and theoretical, and the growth of private listed company with its excellent abilityand profit ability, has become the new force to promote the development of national economy.They not only become the new focus of national political and social life, but also cause theextensive concern of the academia. Based on the279private listed firms in China as theresearch object, under the equity circulation background, analyze private ownership structureof listed companies, trying to find a suitable structure mode for China’s private listed company,trying to provide theoretical guidance for the reasonable design.In this paper, theoretical analysis and empirical research methods is be used. Maincontent includes: the first part of introduction points out the significance of the researchquestion, the basic contents, research methods and innovations. In the second part, it is talkingabout the relationship between ownership structure and corporate performance in carding andevaluation on the related literature in the domestic and foreign. The third part define therelevant concepts such as private enterprises, ownership concentration and equity balancedegree and institutional investors, and describes the corporate governance of theprincipal-agent theory, stakeholder theory, the two power separation theory and control theoryand related theory. The fourth part firstly design the empirical research, the sample selectionand classification standard, for the determination of variables and the construction of indexsystem, put forward the research hypothesis and the regression model, and then the relatedvariables to descriptive statistics and correlation analysis, regression analysis according to themodel, the regression results. The fifth part, combined with the above analysis results,summarizes relevant conclusion, put forward the corresponding improving ownershipstructure, improve the performance of the company policy Suggestions of countermeasures,points out the shortage of the paper and prospected.In this paper, the main conclusions are: the first big shareholder holds, the top fiveshareholders’ shareholding and the former top ten shareholders have Cheng Zheng correlatedwith corporate performance, and through the analysis effect is remarkable, that relativelycentralized ownership structure model is suitable for the development of the private listedcompanies in our country, the ownership concentration on governance effect is relatively obvious, help to improve company performance; Equity checks and balances are not throughthe test of significance of Chinese private listed company’s equity checks and balancesbetween corporate performance and no significant positive or negative correlation;Institutional investors holding although is low, but the rest there is significant positiverelationship between corporate performance. Institutional investors in private listedcompanies have the higher shareholding, the better of corporate performance, that will bringto the company with the increase of institutional investors decision-making is good; Companysize and performance of private listed firms in China also has significant positive relationship,showing the scale effect of the private listed companies in China is more noticeable, thecompany scale is larger and the better of the performance of the company.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise system
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