This study investigates how ownership structure affects the financial transparency of listed companies in China. Using panel data from 1691 non-financial A-share listed firms during 2020-2024, a fixed-effects regression model is applied to test the impact of ownership characteristics on financial disclosure quality. Financial transparency is measured by earnings aggressiveness, which reflects the reliability of reported information.The results show that managerial ownership significantly reduces earnings aggressiveness, implying greater transparency when managers hold more shares. State and foreign ownership have no consistent effect, though foreign ownership becomes significant when extreme values are controlled. Firm characteristics such as cash flow, ROA, and audit quality also play important roles in shaping disclosure behavior. The study contributes to the corporate governance literature by providing new empirical evidence from an emerging market context and offering insights for regulators and investors seeking to strengthen disclosure quality.

Thi Phuong Thao Pham. Ownership Structure and Financial Reporting Transparency in Chinese Listed Firms. Academic Journal of Business & Management (2025), Vol. 7, Issue 12: 87-95. https://doi.org/10.25236/AJBM.2025.071212.

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