Research On Performance Of Listed Companies And Its Influencing Factors In Northeast China

Since October 2003, the CPC Central Committee and State Council issued "on the implementation of the northeast old industrial base of the strategy of opinions", the revitalization of old industrial bases in Northeast China has gone through seven years. With the deepening of the implementation of the strategy of revitalizing and the Northeast region's growing economic development, enterprise performance slandered as a measure of one of the regional economy appears to be particularly important. This article uses theoretical and empirical research methods, analysis the performance of listed companies in Northeast China and its influencing factors.The thesis is divided into six chapters. The first chapter is introduction, proposed research background, significance, research methods. The second part of the references reviews chapter discusses the studies of factors affecting the company's performance of domestic and foreign scholars. The third chapter is theoretical analysis and hypotheses. According to agency theory, this article proposes six assumptions from ownership structure, debt situation and the basic features of the board to consider the relationship between the three aspects and corporate performance. The fourth chapter is the research design section. First, according to the operating characteristics of listed companies, drawing on a variety of performance evaluation index system of domestic, select 5 categories of financial performance indicators as a measure of the initial principal component analysis; and focusing on four aspects of the basic characteristics select the proportion of state-owned shares, ownership concentration, debt ratio, the proportion of commercial credit, the proportion of independent directors, the state chairman and general manager of two jobs, company size and four industry dummy variables, seven year dummy variables. Establish regression models. The fifth chapter is part of the empirical results and analysis. Run descriptive statistics, the mean difference test, multicollinearity tests, multiple regression models and the robustness of test in turn. Found that: Performance of listed companies in Northeast China in the overall is increasing year by year on the basis of fluctuations. And the mean of the 2007-2009 sample performance and the mean of 2004 samples have a significant performance difference. In terms of ownership structure, the proportion of state-owned shares a negative correlation with corporate performance, ownership concentration and corporate performance are related, but the results are not significant. In terms of debt situation, the asset-liability ratio has a negative impact on corporate performance, through the test of significance at the level of 1%, the proportion of commercial credit has a significant negative effect on the company's performance. In terms of board of situation, the proportion of independent directors exists a significant correlation with company performance, two jobs of chairman and general manager exist a negative correlation with firm performance through the test of significance at the level of 10%. In terms of basic characteristics of the company, the company size and corporate performance significantly correlate, through a 1% significance level test. Finally, the chapter is the conclusion.Contribution of this paper is mainly reflected in: the first, base as an opportunity of the national strategy of revitalizing northeast old industrial to analyze the results achieved by the regional economy in the past years, and to analyze the impact factors of corporate performance in the area. There are very few studies in this area. Second, select variables from ownership structure, debt situation and the basic characteristics of the board in three areas to study a comprehensive analysis of the company's performance factors.