The Correlation Study Of Financial Performance And Ownership Structure Of Gem Manufacturing

Reasonable ownership structure can promote the level of corporate governance,the establishment of GEM is just for a few years,the governance structure of GEM companies may have many defects,ownership s tructure may not reasonable,so to study the ownership structure of companies listed on GEM and the relationship on financial performance is very essential,reasonable ownership structure can be conducive to the sustainable and healthy development of GEM listed companies.as the leading enterprises in China's manufacturing innovation and the main force of the GEM market,the current situation of Gem manufacturing listed companies' ownership structure is worthy for attention.This paper takes the Gem manufacturing listed companies of 2013-2015 years as the research sample,on the basis of theoretical analysis and present situation analysis,by referring to the central enterprises financial performance quantitative evaluation system,the author performs factor analysis on the selected 25 indicators,producing the comprehensive value which can reflect the company's financial performance.Then combined with the analysis of the ownership structure of the listed companies in the gem manufacturing industry,this paper puts forward the research hypothesis and carrys on regression analysis.Through the analysis of the equity structure situation of manufacturing companies listed on GEM,the ownership structure of the company is in the relative holding mode,The proportion of major shareholders' shareholding decreases year by year,the ownership structure has a trend of dispersion;equity balance degree is lower and the level of balance declines year by year,equity balance among large shareholders is insufficient;the proportion of managerial ownership is higher,but decrease s year by year,the scale of institutional investors is still small,but the number of shares rises steadily.At the same time by the financial performance of the analysis,the company's earnings performance in average level,the main business of mediocre performance,higher cost;inventory occupying more funds,accounts receivable realized slower,excessive liquidity,the overall operation situation is not optimistic;operating income,operating profit and total assets with a good growth rate,companies have good prospects;debt stability,relatively low debt levels,solvency is stronger;serious polarization of earnings quality,the overall business profitability decreases.The empirical results show that ownership concentration was positively correlated with financial performance;The influence of ownership balance on financial performance is different because of the degree of ownership concentration,and the balance mechanism can play a significant role under the condition of equity concentration;managerial ownership,institutional investor ownership is positively related to financial performance.Finally,this paper puts forward some policy suggestions from the aspects of ownership concentration,equity balance degree,managerial ownership and institutional investor ownership.