Research On The Influencing Factors Of The Operating Performance Of Listing Corporation In China’s Oil Industry

As a pillar industry of the national economy, the oil industry plays an important role in the economic development of our country. However, since 2015, due to the sharp decline in oil prices, the operating performance of oil industry has been greatly affected. In fact, the development of the oil industry is affected by many factors, including changes in the internal factors of enterprises, and the impact of the external environment. Listing Corporation as a leader in the oil industry, when faced with a variety of internal and external factors, the changes of its performance will be more significant. Therefore, this paper makes an empirical analysis of the operating performance and internal influence factors of listing Corporation in the oil industry, and tries to put forward some suggestions for the development of the oil industry.This article takes the 21 oil industry listing Corporation in Shanghai and Shenzhen stock markets as samples, and makes an empirical analysis of the financial data of 2011-2014. First, the article selects 8 indexes from profitability, operating capacity, solvency, development capacity four aspects, to carry on the factor analysis, and to calculate the comprehensive score, in order to get the comprehensive performance and ranking of the listed company. Through the analysis of the results, the development of the oil industry is not balanced, and the difference between the business performance is relatively large. On the basis of comprehensive performance score, the article selects five indicators as independent variables from the ownership structure, capital structure, independent director, corporate scale four aspects, takes the comprehensive performance scores as dependent variables, using multiple linear regression and curve regression to study the relationship between the two. Research results show that the shareholding ratio of the first largest shareholder has no significant effect on business performance; top three shareholder ownership and corporate performance is negative correlation; the proportion of independent directors on business performance influence is not significant; equity ratio and business performance is inverted U-shaped related; scale and the business enterprise performance is significant positive correlation. According to the empirical results, in addition to the proportion of the first largest shareholder and the proportion of independent directors, other factors have a significant impact on business performance, which is closely related to the characteristics of the oil industry.According to the empirical analysis results, several suggestions are presented in this paper as following: optimize the ownership structure, to achieve a moderate equity concentration; perfect independent director system, give full play to the independent director’s decision-making, supervision function; optimize the capital structure, and control the debt level reasonably; expand the scale of the enterprise appropriately, and focus on improving the core competitiveness.