Ownership Structure and Corporate Performance: a Research on China's Listed Companies in the Tourism & Catering Industry

Having an important impact on corporate performance, the ownership structure of a company is a structural arrangement of the ownership of a company. In view of the particularity of the tourism and catering enterprises, this paper selects the data of China's tourism and catering companies listed in the five years from 2013 to 2017 as the sample based on the analysis of the characteristics of the stock ownership structure of the listed companies in tourism and catering industry, and uses multiple linear regression to examine the relationship between the ownership structure and corporate performance of listed companies on Growth Enterprises Market (GEM) from the following three aspects, i.e. ownership attributes, ownership concentration & balance, and management shareholdings. The research findings show that state-owned shares, corporate shares, institutional shareholdings and the degree of ownership concentration have positive correlation with corporate performance; while ownership balance and circulating shares have inapparent positive impacts on corporate performance; management shareholdings have an inapparent negative impact on corporate performance.