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Research on Relationship between Ownership Structure and Business

Performance in China蒺s Export Enterprises

CHI Zheng
(Business School, Dalian University of Foreign Languages, Dalian, Liaoning 116044, China)

Abstract: International trade is the major power to stimulate one country蒺s economic development. Whether export enterpri鄄
ses can improve their business performance continuously not only concerns the enterprises growing bigger and stronger but also is
a key to China蒺s transformation from a big trading country to a trading power. With China蒺s export enterprises as target, based on
the data of 600 A鄄share publicly listed companies of export enterprises on Shanghai Stock Exchange and Shenzhen Stock Exchange
during the years from 2010 to 2016, this paper empirically examines the relationship between ownership structure and business
performance in China蒺s export enterprises. The research result turns out that in these export enterprises, the greater the three in鄄
dex including equity concentration, equity restriction and institutional shareholding ratio, the better the business performance.
The business performance is relatively poor in the state鄄owned export enterprises due to their non鄄economical missions. Consider鄄
ing the quadratic effect, there is still an inverted U鄄shaped relationship between ownership concentration and business perform鄄
ance in export enterprises. In addition, the management shareholding ratio has no significant impact on business performance in
export enterprises. The research conclusion provides the empirical evidence for China蒺s export enterprises to optimize their owner鄄
ship structure in order to increase business performance.
Key Words: export enterprise; ownership concentration; equity restriction; institutional shareholding; anti鄄dumping; busi鄄
ness performance

(本文责编摇 王沈南)

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