Dissertation > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods

The Research of Relation of Capital Structure,ownership Structure and Firm Performance of Listed Companies

Author MengLei
Tutor LuBin
School Nanjing University of Finance and Economics
Course Finance
Keywords Capital structure Equity ownership Firm performance
CLC F276.6;F224
Type Master's thesis
Year 2011
Downloads 155
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All along, the ownership structure, capital structure and corporate performance research has been the concern of scholars from China and abroad. The highest goal of corporate finance is to improve the company’s market value, while the classic idea is to adjust the capital structure, ownership structure is the basis of governance structure, with shareholders, investors will have the real control, with the Board of Directors legal property rights, will have their business decision-making right, the allocation of control right determined by capital ratio, while the value of the company goals is measured through the company’s performance. Firstly, through analyse characteristics of capital structure, ownership structure and corporate performance, find short-term debt ratio of listed companies in china is too high, lower assets and liabilities; ownership concentration is high, a substantial part of state-owned shares, the relatively low proportion of outstanding shares and so on. Therefore, foreign literature, research findings can not serve as the basis for listed companies in China.Based on analysis the theory of ownership structure and capital structure, collect and organize 892 financial data of listed companies in 6 sectors from 2003-2008, establish panel data models and have empirical analysis ,innovative methods to measure corporate performance by use DEA, obtained through empirical research: management of asset-liability ratio of shareholding in most industries a significant negative correlation was only in the transportation and storage industry was significant positive correlation; management percentage ownership of the assets and liabilities rate in electricity, gas and water production and supply industry, retail trade was a significant negative correlation, in the transportation and storage industry and information technology industry was a significant positive correlation between the other sectors is not significant; firm performance on the management stake in all industries are positively correlated; management shareholding on corporate performance in the electricity, gas and water production and supply industry, information technology and manufacturing are related, in other industries were significantly negatively correlated; corporate performance in most sectors in the performance of a positive correlation between debt ratio, except for wholesale and retail trade; debt ratio on corporate performance in the real estate, wholesale and retail trade and manufacturing in a significant negative correlation, the other three sectors are positive related.Finally, empirical results based on the company and investors made suggestions to improve the governance model for the company and investors to make investment decisions provide some valuable information.

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