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Indexed by:会议论文

Date of Publication:2018-01-01

Included Journals:CPCI-SSH

Page Number:53-59

Key Words:ownership concentration; ownership restriction; corporate performance; the state-owned holding enterprises; competitive industries

Abstract:Taking the state-owned holding listed companies in the competitive industries after the reform of the assorted shareholders as the research object, the paper analyzes the relationship between the ownership concentration, the equity restriction and the short-term plus long-term performance of the Chinese enterprises by selecting 145 state-owned holding listed companies in five competitive industries during the year 2006 to 2014. It shows that there is a significant 'U' relationship between the ownership concentration and the short-term performances, while a noticeable negative linear relationship is observed on the long-term performance. The relationship varies vastly between the absolute and the relative state-owned holding enterprises. Besides, the restriction degree of the second major shareholder is insignificant to the short-term performance of the enterprise, but its impact on the long-term performance shows negative. The equity restriction in the state-owned relative holding enterprises exerts a positive impact on the short-term performance and opposite for the long-term when considering the balance of the second to the fifth shareholders. However, it is mainly reflected negative on the long-term performance in the state-owned absolute holding enterprises. Furthermore, it is found that the results of the state-owned relative holding enterprises remain unchanged when differentiating the second to the fifth large state-owned and non-state-owned shareholders. The ownership restriction of the state-owned absolute holding enterprises is negatively correlated with the short-term performance, while non-state shareholders restrictions reveal positive. Both two have no significant effects on the long-term performance.