关键词: 民营上市公司；股权结构；公司业绩；股权激励

Abstract:

 Relationship between performance and ownership structure of private listed companies has long been a hot topic deeply concerned by academic community and government both at home and abroad. There are lots of different research results, some of which are even contrary to each other. However, we are to propose theoretical assumptions and conduct our research on the basis of previous studies, from the perspective of relationship between performance and factors such as shareholding concentration and structure, checks and balances, etc. To test the theoretical assumptions proposed in the paper, we also have designed empirical models which have improved shortcomings of previous studies and examined effects of ownership structure on performance in a comprehensive way, thus providing proof for the theoretical assumptions.
Through studies on the relationship between private listed companies’ ownership structure and performances, we have some salutary conclusions and suggestions: Since there is a significant inverted Urelation between companies’ performances and largest proportion of shareholding, we suggest such an ownership structure that consists of several major shareholders supervising each other on their own behalves. And for those firms whose shares are highly concentrated, it can be achieved by decreasing the proportion of shares held by the first major shareholder or transferring them to other major shareholders. Meanwhile, for those private firms whose shares are too scattered, we advise that first major shareholder’s proportion of shareholding should be properly increased in order to improve those firms’ governance structure and performances; As institutional investor are positively related to companies’ performances, we suggest that nonstateowned institutional investors should be developed, to decrease the degree of shareholding concentration in domestic private listed companies, and to help form a system in which major shareholders, management, institutional investors and strategic investors check and balance each other; As the firms’ performances are positively related to shareholding proportion of management, we suggest that private listed companies could implement plans of management equity incentive to help improve their ownership structure and performances.
 The research conducted in this paper has both theoretical and practical significances for the Chinese private listed companies to improve their performances.

Key words: private listed companies; equity structure; performance; equity incentive