서강대학교

초록/요약

This study uses a panel of 3,255 non-financial firms listed on Shanghai Stock Exchange over the period of 2001 ？ 2008 to investigate the impact of ownership structure on firm performance and value. Because of the main characteristics in Chinese stock market -- high ownership concentration and multiple ownership structure, the study focuses on the effect of concentrated ownership structure and different kinds of ownership structure on firm performance and value, which is measured by ROA and Tobin？s Q. The results of linear regression analyses on total concentrated ownership, state and legal person ownership show that concentrated ownership is positively associated with firm performance and value, and the state as well as legal person ownerships have positive relationships with firm performance and value. In further analyses, results indicate that firms have higher value when the state and legal person are controlling shareholders. The rationale is that in countries such as China, in which corporate governance system is relative weak and the stock market is not mature, firms can perform better with higher level of state ownership and legal person ownership.