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Ownership Structure and Corporate Performance Evidence from China's Stock Market

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Proceedings of the 2nd International Conference on Business and Policy Studies (CONF-BPS 2023)

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Abstract

In this study, companies already listed on the Shanghai Stock Exchange as of 2021 were used as a sample to analyze cross-sectional data. The aim is to examine the relationship between enterprise ownership (including ownership concentration and stock right structure) and company performance. The results indicate that ownership concentration is positively related to the Return of Assets but not significantly related to Tobin's Q. Among the Stock Right Structure, the State Shares ratio is positively related to the Return of Assets and the Circulating Shares ratio, and the Legal Shares ratio is negatively related to the Return of Assets. Besides, the three ratios of State Shares ratio, Circulating Shares ratio, and Legal Shares ratio are negatively related to Tobin's Q.

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Acknowledgement

Yuxuan Cao and Kaifan Zhang contributed equally to this work, and they are both first authors.

Author information

Authors and Affiliations

  1. Department of Economic and Management, Wuhan University, Wuhan, China

    Yuxuan Cao

  2. Department of Economics, The University of Manchester, Manchester, UK

    Kaifan Zhang

Authors
  1. Yuxuan Cao
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  2. Kaifan Zhang
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Corresponding author

Correspondence to Kaifan Zhang .

Editor information

Editors and Affiliations

  1. King's Business School, King's College London, London, UK

    Canh Thien Dang

  2. Department of Financial Economics and Accounting, University of Murcia, Murcia, Spain

    Javier Cifuentes-Faura

  3. Department of Postal Management, Beijing University of Posts and Telecommunications, Beijing, China

    Xiaolong Li

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© 2023 The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.

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Cao, Y., Zhang, K. (2023). Ownership Structure and Corporate Performance Evidence from China's Stock Market. In: Dang, C.T., Cifuentes-Faura, J., Li, X. (eds) Proceedings of the 2nd International Conference on Business and Policy Studies. CONF-BPS 2023. Applied Economics and Policy Studies. Springer, Singapore. https://doi.org/10.1007/978-981-99-6441-3_49

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