Research On The Relationship Between Ownership Structure And Corporate Performance Of Listed Companies In Machinery Manufacturing Industry

Machinery manufacturing mainly refers to the industries engaged in the production of machinery and equipment.Ownership structure refers to the proportion of shares of different types of stocks in the stock company and their mutual relations.Under the background of the continuous weakening of profitability of listed companies in China’s machinery manufacturing industry,research on the relationship between equity structure and corporate performance can provide a reference for the transformation and upgrading of China’s machinery manufacturing enterprises.From the perspective of corporate governance,with the internal governance mechanism and external governance mechanism as the starting point,the mechanism of the equity structure and corporate performance is deduced.Based on the theory of two-power separation,principal-agent theory and the stakeholder theory,we propose our machinery.The research hypothesis of the ownership structure and corporate performance of listed companies in the manufacturing industry builds a multiple regression model based on research hypotheses and previous literature.Finally,the data of the 517 companies in the machinery manufacturing enterprises listed in Shanghai and Shenzhen listed companies in 2016 For the original sample,a correlation and regression analysis was conducted on the relationship between its shareholding structure and corporate performance.Among them,corporate performance is mainly selected from four aspects:corporate profitability,debt repayment ability,operational ability and growth ability.Ten indicators such as total asset net interest rate and net asset yield rate are comprehensively evaluated by factor analysis method.The equity structure is mainly from the equity attribute.Two variables such as state-owned shares,legal person shares,and proportion of shares held by the largest shareholder were used to measure the two levels of equity concentration.The conclusions of the study are as follows:From the perspective of equity ownership,there is no significant correlation between the proportion of state-owned shares of listed companies in China’s machinery manufacturing industry and corporate performance;there is a positive linear relationship between the proportion of corporate shares and corporate performance;there is a linear negative correlation between the proportion of circulating shares and corporate performance;In terms of equity concentration,there is a positive linear relationship between shareholding ratio of the largest shareholder and corporate performance;there is a positive linear relationship between the shareholding ratio of the top ten shareholders and corporate performance;and the squareness of the shareholding ratio of the top ten shareholders.There is a positive linear relationship between corporate performance;there is no significant correlation between the ratio of shares held by the largest shareholder and the proportion of shares held by the second to sixth largest shareholders and the performance of the company.