Empirical analysis of the relationship between listed companies´ ultimate control and corporate performance

This paper analyzes the correlation between the indicators of corporate performance and the indicators of the ratio of ultimate control, the control difference, the control levels, the nature of ultimate controlling shareholders and so forth. The results show the corporate performance demonstrates a U-change as the ratio of ultimate control increases; the corporate performance has a negative correlation with control difference of ultimate controlling shareholders; the corporate performance has a positive correlation with the control levels; the corporate performance is poor in companies whose ultimate controlling shareholders are the State-owned Assets Supervision and Administration Commission of the State Council(SASAC), local governments, or the agencies of government etc.; the companies whose ultimate controlling shareholders are natural persons or legal persons have relatively better performance. Based on the conclusions above, related suggestions are proposed respectively for regulators, investors, corporations, and government departments.