The Empirical Analysis on the Influence of the Ownership Structure to Corporate Performance of China’s Listed Companies
China’s listed companies have formed their own unique ownership structure mode. According studying the data of 205 listed companies that listing in Shanghai and Shenzhen Stock Exchange, it explores the impact of business performance on ownership structure. From these studies, it concludes that the first major shareholder has inverted U-curve correlation with corporate performance. There has a U-curve relationship between the top tenth shareholder ownership and corporate performance. But there has a linear and inverse relationship between Z-value and performance. It is a U-curve relationship between state-owned shares and performance, so is circulation shares and performance, but a inverted U-curve relationship between legal person shares and performance, so for executive shares. The paper pointed out that optimizing Chinese ownership structure must be combined with their own characteristics, make more efforts on reducing state-owned shares, developing institutional investors, increasing executive shares and improving the supervision of related party transactions.
Ownership Structure Corporate Performance Enterprise Value
LI Shuping
School of Economics & Management, Zhongyuan University of Technology, Zhengzhou, P.R.China, 450007
国际会议
2009 International Institute of Applied Statistics Studies(2009 国际应用统计学术研讨会)
青岛
英文
1-5
2009-07-25（万方平台首次上网日期，不代表论文的发表时间）