Empirical Study On Relationship Between Ownership Structure And Corporate Performance Of Chinese Manufacturing Listed Companies

Ownership structure is the foundation of corporate governance. However, the efficiency of corporate governance is reflected in company performance. Therefore, there is a great relevance between ownership structure with company performance. Currently, manufacturing listed companies has been plagued by unreasonable ownership structure and low efficiency of corporate governance, the company’s financial position, results of operations and cash flows has also be affected. This paper attempts to answer the question through empirical analysis. First of all, the paper analysis ownership structure, ownership concentration degree, and others impact on manufacturing listed companies corporate governance and corporate performance from the aspects of theory; secondly, Based on the detailed analysis of the current situation of manufacturing listed companies ownership structure, the paper research 552 listed manufacturing companies listed on the Shanghai Stock Exchange to explore the relationship between ownership structure and corporate performance in manufacturing listed companies in China by regression analysis of 2004-2013 data. Findings indicate that: There is no significant negative correlation between the proportion of state-owned shares and corporate performance; there is positive correlation between the proportion of legal person shares and corporate performance. In addition, concentrated moderately ownership structure will help to improve the corporate governance structure and the company’s performance, so that manufacturing listed companies have better prospects.Based on these conclusions, the paper put forward for some suggestions in order to optimize the ownership structure and improve the corporate governance. Those are: lowered the proportion of state-owned shares appropriately, improve the proportion of legal person shares correspondingly, Improve the enthusiasm of small and medium shareholders to participate in govern corporate, take many shareholders restricting each others as the direction of development. The first possible innovation of this paper is to re-sort the development course of manufacturing since the reform and opening up, then expand the scope of the sample size from time series aspects, of and the method of "stratified sampling" decimated manufacturing listed companies on behalf of the general characteristics of the Samples were analyzed empirical regression analysis.