Correlation between Equity Structure and Operating Performance: Evidence from Oil Listed Companies of China

This paper studies the equity structure,operating performance of oil listed companies and the correlation between them.The study shows that for the oil listed companies,major shareholders which indicate by previous five major shareholders is not significantly related with corporate performance.In oil listed companies which have state-owned shares and corporate shares is significantly related with corporate performance,but the company which does not have state-owned shares is not significantly related with corporate performance.Then,we make recommendations of taking reality as importance,constructing equity structure which fits the industry’s development and carefully implementing ‘underweight’state-owned shares.All the recommendations are made on optimization of the shareholder structure and raising operating performance of oil listed companies.