Ownership structure and corporate performance
|School||Gannan Teachers' College|
|Keywords||Structure company performance relationship small and medium-sized enterprises (SMEs) board empirical data|
Ownership structure plays a fundamental role in corporate governance and determines the whole institutional arrangement of corporate governance. The relevance between ownership structure and corporate governance has been being a hot topic focused by the academic researchers,but reached many different kind of conclusions by domestic and foreign scholars on this subject,which provides some academic guidance for this paper.This paper studies 202 listed companies of small and medium-sized enterprises board from 2007 to 2009.Through doing descriptive statistics of ownership structure,the result shows that the proportion of state-owned shares and proportion of corporate shares decreases,the proportion of current shares is on the rise step by step.The proportion of the first shareholder don’t change obviously, but the proportion of top five shareholders decreases , therefore the concentration of ownership structure is on the rise relatively.This paper takes ROE as measure index of corporate performance and makes the partial correlation with ownership structure.The conclusions from empirical study are as follows: corporate performance is irrelevant to state-owned shares;the corporate shares is weak negative correlated with company performance;corporation performance is irrelevant to current shares;the concentration of ownership structure which takes the proportion of the first shareholder and the proportion of top 5 shareholders as measure index is negative correlated with corporate performance.According to empirical analysis conclusions, this paper presents some practical measures such as reducing state-owned shares properly, increasing the proportion of corporate shares, cultivate and introducing institutional investors to shape diversified investment subject, enhancing equity liquidity and increasing the proportion of current shares, lowering the concentration of ownership structure on condition that keeping the relative holding of the first shareholder, improving executive and employee shareholding, improving securities legislation and system construction in our country to provide legal safeguard for the development of securities market.