| Ownership structure on corporate governance plays a fundamental role in allocation of ownership and control of enterprises, shareholding structure is reasonable or not directly related to improve corporate performance. With the deepening of the reform of state-owned enterprises, mixed ownership reform wins more and more attention. In this backdrop, we select Chinese manufacturing listed companies as samples to study the relations between manufacturing listed companies ownership structure and corporate performance and to propose to optimize equity structure.First, we analyzed the current review about research at home and abroad, and according to property rights theory, the theory of the separation of ownership and principal-agent theory, we explain the relationship between ownership structure and corporate performance in the theoretical level. Then, manufacturing listed company data for six years are selected to analyze the company’s status quo, in addition, for each of the business growth of different situations, the introduction of a comprehensive indicator to measure the growth of business growth. Followed by empirical analysis, we concluded that:(1) exists between ownership concentration and corporate performance relationship inverted "U" shaped;(2) state-owned shares "dominance" phenomenon has improved, but the state-owned shares ratio should reasonable in favor of corporate performance;(3) the existence of the correlation between corporate performance and the proportion of corporate shares, corporate shares shareholding ratio should be strengthened.(4) between corporate performance and the proportion of tradable shares exist a weak negative correlation;(5) a higher proportion of managerial ownership is conducive to enhancing enterprise performance, but the stake should be reasonable. Combined with the above conclusions, the paper concludes with some reasonable suggestions for further optimization of the manufacturing performance of listed companies. |
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