Relationship between ownership structure and financial performance of agricultural listed corporations in China

The study aims to investigate relationship between ownership structure and financial performance of agricultural listed corporations. The samples include eleven agricultural listed corporations from 2011 to 2015. It reflects ownership structure from four aspects as explaining variables including ownership nature, ownership concentration and ownership balance degree. It evaluates financial performance from four aspects including profit ability, operation ability, debt paying ability and development ability, including 11 financial performance evaluation indicators, and considers common factor scores, comprehensive scores as explained variable with natural logarithm of total assets as control variable. Through constructing multivariable regression model, empirical analysis of relationship between ownership structure and financial performance based on panel data reaches following findings. The findings indicate that state-owned share proportion, corporate share proportion, circulation share proportion, the largest shareholder's share proportion all have significantly negative correlation with financial performance. Top 5 shareholders' share proportion is positively correlated with financial performance.