Research on Relationship between Large Shareholder Supervision and Corporation Performance

摘要

This paper analysis the relationship between the ownership structure and corporate performance based on a sample of 324 listed firms of family controlled in Shanghai and Shenzhen Securities Exchange. The regression analysis shows that the proportion of the largest shareholder holding has a significant cubic relation with return on assets(ROA); there has different effect on ROA in different intervals. The proportion of the five shareholders holding has a significant quadratic relation with ROA. Herflndahl index has a significant linear relation with ROA. Degree of ownership balance and Z index have no relation with ROA. This conclusion can be used as a reference for optimizing the equity ownership structure of listed Family Business in China.