A Study On The Association Between Organizational Environmental Element And Performance Of Listed Companies

The worldwide financial crisis starting in late 2007 not only raised our thought of financial innovation and financial supervision and regulation, but the following business failures and bankruptcies, rising unemployment rate, strikes, and even "national bankruptcy" (Iceland, as an example), and other deteriorating chain reactions will draw the world's attention once again to the relationship between environmental change and organizational performance----a classic and enduring topic in academic field. At the same time, China's listed companies, during the difficult development of China's stock market in the past 20 years, have become the mainstay in the economic construction and development of many industries. China's manufacturing industry, is exactly the important pillar industry of our national economy.In view of the situation, this paper selects the listed manufacturing companies in China as samples, doing both normative and empirical research on relationship between the listed companies'organizational environment and their performance, which has important theoretical and practical significance in revealing the influence of the changes of the organizational environmental factors on the performance of listed companies, guiding the survival of listed companies in different environments to improve the level of environmental awareness and make the right strategic choices to enhance the market competitiveness.This paper is intended to study the relationship between listed companies'environment and their performance, using their data from 1998 as samples, selecting ROCI as the indicator of performance and environmental characteristics factor, listed company's internal resources and behavior characteristics as the indicator of environmental change. On this basis, this paper establishes a regression model between listed companies' performance and macro environmental factors, industrial environmental factors and their internal environmental factors. And the author uses mathematical statistical methods to conduct correlation analysis and hypothesis test.This paper, through the method of quantitative analysis and qualitative analysis, concludes that:The factors that are positively related to the performance of listed companies are:the perfection and government policy and related government control, GDP growth rate,urban per capita disposable income of households, industry concentration, industry intangible assets to total assets ratio, average total assets of the company, the net worth of intangible assets, turnover of total assets,the company's intangible assets growth rate,the company's import and export business accounted for the main business income ratio, the proportion of the largest shareholder, State-owned holding company,the concentration amount of the second-the tenth largest shareholders, equity incentive system and so on.The factors that are negatively related to the performance of listed companies are:R & D investment in the whole society-GDP ratio, diversification, restructuring the company's acquisition strategy, the proportion of independent directors, the five executives of the shareholding, the company's illegal acts, companies listed in other markets and so on.Finally, this paper, based on the results of empirical analysis, emphasizes that the changes in the external environment of listed companies (including changes in environmental factors in the industry and external macro-environment changes) must be included in the scope of the decision-making. At the same time, environmental factors within the organization, resources and capabilities, in particular, the influence of institutional factors which have much influence on company's long-term performance should also be particularly considered when managers make decisions.