Research On The Correlation Between Ownership Structure 、 Working Capital Investment Policy And Corporate Financial Performance Of China’s Manufacturing Listing Corporation

Working capital investment policy as one of the short-term financial decisions, its degree of radical impact on corporate earnings and risk, and thus affect the survival and development of enterprises.After years of research and practice,the western developed countries have formed a set of relative system and scientific management system for working capital investment policy. In C hina, by contrast, the research on working capital investment policy has obvious lag and deficiency both in theory and in practice.Coupled with the financial crisis occurred in 2008,many companies eventually went bankrupt because of funding strand breaks,this phenomenon has aroused more business owners and operators concerned about the scale of investment in fixed assets or the number of holdings.They are willing to spend more time and energy on the investment policy.Combined with the special ownership structure in our country, this paper reviews and evaluates the current status about ownership structure, working capital investment policies and the company’s financial performance both at home and abroad. Based on the principal agent theory, trade-off theory, incomplete contract theory as the research foundation, it selects the 2010-2014 Shanghai and Shenzhen A-share manufacturing listed companies as the research sample, it mainly uses the empirical research method,and makes a descriptive statistical analysis,correlation analysis on the research variables, and makes a regression test for each model.This paper discusses the relationship between ownership structure,working capital investment policy and corporate financial performance.This paper mainly uses the ownership concentration, the proportion of corporate shares, management shareholding proportion to explain the ownership structure of the company, uses the proportion of liquid assets as the substitution variable of working capital investment policy and the return on total assets as the company’s financial performance. Then it discusses the relationship between the three,and attempts to study the working capital investment policy in the ownership structure influences corporate financial performance the mediating effect.Through the empirical research, draw relevant conclusions:(1) China’s manufacturing listing Corporation maintained a form of relatively concentrated ownership structure,and prefer to adopt conservative working capital investment policy;(2) the ownership concentration,the proportion of corporate shares,management shareholding ratio and the proportion of current assets are positively correlation,that is the higher proportion of the first shareholder,the proportion of corporate shares and management shareholding ratio,the higher proportion of current assets,the more conservative working capital investment policy;(3)the ownership concentration, the proportion of corporate shares,the proportion of managerial ownership and corporate performance are positive correlation;(4)The proportion of current assets and the company’s financial performance is positively related,that is the conservative working capital investment policy can improve the company’s financial performance level;(5)the working capital investment policy has a partial mediating effect on the impact of the ownership structure to the company’s financial performance. After that,the related suggestions are put forward.