Comparative Research on the Ownership Structure and Corporate Performance of State-owned Listed Enterprises and Private Listed Enterprises

Abstract

This essay measures the relationship between ownership structure and corporate performance from the two perspectives of qualitative and quantitative, clarifying listed companies into state-owned enterprises and private enterprises according to the nature of the ownership structure. On a basis of the NO.1 large shareholder's shares holdings, equity structure can be grouped into three scopes: highly decentralized ownership structure moderately centralized ownership structure and highly centralized ownership structure. This paper take earnings per share (EPA) and return on net assets (ROA) as the indicators of corporate performance and select the data of the domestic listed companies through 2001 to 2004. By means of the processing of the statistics software, we analyze the correlation between corporate performance and ownership structure which possesses various characteristics and various proportions. The empirical researches demonstrates that ownership structure is significantly related to corporate performance, and in the meanwhile, succeeds in comparing the influence of ownership structure which is equipped with diverse properties and diverse proportions on corporate performance.