An Empirical Analysis on the Relationship between Ownership Structure and Corporate Performance of Liquor Listed Companies

摘要

As the basis of the corporate governance structure, the equity structure has always been a hot topic in the field of corporate governance research. As a representative industry in consumer goods industry, the liquor industry plays an important role in promoting China's economic development. This paper summarizes a series of relevant research literature at home and abroad, and researches how the ownership concentration and equity balance degree impact on the corporate performance by the method of normative analysis. Then this paper selects the data of annual reports published by eighteen listed companies of the liquor industry from 2015 as the research sample, and builds an evaluation system of corporate performance which covers twelve financial indicators in terms of the debt paying ability, operation ability, profit ability and development ability by using the method of factor analysis. The comprehensive score of performance calculated is used as the dependent variable, ownership concentration and equity balance degree as the independent variables with the company size and financial leverage as the control variables. Then by building multivariate regression models and under the help of SPSS 19.0 statistical analysis software, this paper researches the relationship between ownership concentration, equity balance degree and corporate performance using the method of empirical analysis.