The Study Of The Relationship Between Listed Company In Chinese Manufacturing Industry’s Ownership Structure And Corporate Performance

Equity structure as the property rights foundation in the company management, reflects the enterprise stakeholders’rights and obligations, it greatly influence even decide a company’s allocation and the working mode of the company principal-agent mechanism, supervision and the incentive management mechanism, equity structure will influence corporate governance efficiency through the corporate governance mechanism, and eventually, to change the company’s operating results. If the company ownership structure is reasonable, so principal-agent cost produced by the separation of the company ownership and control can be reduced, the principal of agent of supervision and incentive will be more effective, the company’s governance efficiency will be higher, the company operating performance is also better; On the contrary, if the company’s ownership structure is not reasonable may have the opposite effect, agency cost increase, supervision and incentive is invalid, eventually leading to reduce the company’s performance.China’s capital market was established in the1990s, so far has more than20years of time, but the domestic scholars about the relationship between ownership structure and corporate performance research has never been interrupted, due to the perspective of research, the research point and the variable difference, always can’t get a unified research conclusion. But from previous scholars study, we found that industry differences on ownership structure and performance of the company relations also can produce different resluts, this paper considering the important role of manufacturing industry in our national economy, use nufacturing factories as the research object of this paper for depth and careful studies.Around the course of the study, this paper mainly divided into six parts:Part I:The introduction. This part mainly introduces the background and significance, research methods and contents and the meaning of using manufacture companies as the research object.Part II:The related literatures at home and abroad are reviewed, and make a literature comment. Part Ⅲ:Introduced the equity institutions and performance of the company relevant theory. This chapter mainly expounds the principal-agent theory, and then introduced the impact analysis about the ownership concentration and equity attributes on the performance of the company.Part Ⅳ:Mainly introduce the current situation of manufacturing equity structure and performance. Analyze the relationship between the companies’right structure and the performance through the situation, and then analyzed the listed company of our country manufacturing’s ownership structure characteristics, and then introduced the present situation of the performance of the companies.Part Ⅴ:This part proposes research design, including sample selection, the related variables selection, research hypotheses, and describes how the model is built, and make regression analysis by establishing a multiple regression model;Part Ⅵ:Make the research conclusions and recommendations. First make the conclusions of the summary in chapter five, then based on the empirical analysis of the obtained before the conclusion, the author put forward some suggestions about improving equity structure and improving the performance of the company.The empirical results of this paper shows that:(1) manufacturing listed company’s ownership concentration is related with corporate performance;(2) strengthening of the manufacturing listed company’s ownership restriction degree is beneficial to improve the performance of the company;(3) in the manufacturing listed companies, the influence of proportion of state on corporate performance is not significant;(4) legal person share proportion of manufacturing listed companies can improve the performance of the company ascend;(5) tradable shares of listed companies can decrease performance of manufacturing corporate.