The Study On The Relationship Between The Ownership Structure And The Corporate Performance Of The Tcxtil Industry Listed Company

The study on the relationship between ownership structure and corporateperformance has been the focus of many scholars at home and abroad. Equitystructure decides the arrangement of the internal management of the corporation, andinternal power allocation, which will affect the production and operations of thecompany achievements. With the development of institutional investors andShare-trading reform è the urgent task is seizing the opportunity to optimizing equitystructure, which will promote the company development Steady.It is very rich that the research on enterprise relationship between ownershipstructure and corporate performance, but most of them assume that the equitystructure is exogenous variable processing, getting the conclusion that there isone-way relationship between ownership structure and corporate performance, whichis not consistent with the truth. In fact, equity structure is a variety affected by manyfacts rather than an independent exogenous variable and it influence each other withcorporate performance. Textile industry is the pillar industry in China, which plays adecisive role in guarantying that our country balance of payments, promoting nationalemployment and maintaining steady development related industry. Therefore, it is ofgreat significance to study how to optimize the textile industry company ownershipstructure to ensure the steady development of textile industry. According to the seriousstudy carding of the previous research, the paper, using factor analysis method toevaluate operating performance of textile industry listed companies comprehensively,establishes simultaneous equation model based on the perspective of endogenous, andthen studies the interactive relations between equity structure institutional andcorporate performance through the both estimation methods of OLS and2SLS.Based on the empirical analysis, get the conclusions on the textile industryChinese listed company as follows:(1) The first shareholder shareholding ratioinfluence company performance negatively, which shows that the textile industrylisted companies of our country should be appropriate to reduce the absolute control status of the first shareholder, getting more shareholders to participate in supervision;On the contrary, the company performance has a positive feedback effect on the shareratio of the largest shareholder significantly, which shows that the first big shareholderuse their absolute-control advantages to increase or decrease shareholding radioaccording to the company performance.(2) Institutional shares and corporateperformance of significant interactive each other positively, which indicatesinstitutional investors have both effects of value created and the value found. It willenhance company performance that the institutional investors take participate in thecompany management, but as a rational investors, institutional investors are also morelikely to investment good company.(3) Based on the present distribution of equitystructure, the greater the equity balances, the better the company performance. Itshows that effective balance of checks and equity can stimulate more shareholdersparticipate in the strategies of the company actively, which will take a positive effecton the company performance.(4) The company scale take a positive effect oncorporate performance, which tests the scale effect of textile company operationmanagement is obvious.