Reserch On Chinese Manufacturing Industry Growth Of Listed Companies Based On11th Five-Year A-Share Data

This paper selects China’s Shanghai and Shenzhen A-share listed companies as the study object in the manufacturing sector during the period of "eleventh five-year", to find out the influence of corporate governance and financing structure to the growth of listed companies in China’s manufacturing industry.First of all, this paper analyses the growth influence factor of manufacturing industry listed companies from the concept and related theory. Based on existing research result, this paper mainly use the union of principal component analysis and catastrophe progression method to construct the growth of manufacturing industry.Secondly, descriptive statistics and regression analysis are made from three aspects:equity governance, board of director’s governance and management incentive to research the relationship between corporate governance and growth. In the respect of financing structure, empirical study on the proportion of debt financing and equity financing and growth relationship draws the following conclusion:On the aspect of equity structure, the proportion of the first shareholder and corporate growth forms an inverted U relation and there is no evident relation between equity balance degree and corporate growth. As to the governance and corporate growth, both the scale and the independence of board have no significant correlation with corporate growth, two duty’s syncretism and corporate growth shows significantly negative correlation and board’s high educated degree is significantly positively correlated with corporate growth. In terms of management incentives, the average salary of management and corporate growth is significantly positively correlated, while the management’s shareholding, staff ratio and shareholding staff ratio all have no clear correlation with corporate growth. In the structure of financing, equity financing ratio negatively correlated with the company’s growth; the proportion of debt financing is positively correlated with the company’s growth.Finally, according to the research results and the actual national conditions, we provide with political advice to improve and perfect the corporate governance of listed company from equity management, board governance, management incentive and financing structure.