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Empirical Analyses on State-owned Stockholder's Rights and the Performance of China’s Natural Monopoly Industry

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The paper analyses the states quo of the China’s natural monopoly industry property right and selects 64 companies in electric power, the coal gas and the water production and supply industry as the sample, to analyze the state-owned stock proportion to the achievements expressed by net assets returns ratio influence. Such conclusions can be drown: First, the state-owned stock proportion and the company achievement present the non-linear correlation dependence; Second, controlling shareholder's state-owned property right nature and performance present remarkable inverse correlation, the relation of state-owned stock proportion and net assets returns ratio present inverse "U" shape. Therefore, in the present stage, the state-owned stock proportion in natural monopoly industry should be reduced. But it is not suitable to withdraw or to privatization completely, that is to say, the state-owned capital should still maintain the controlling force.


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