Study On The Influence Of Ownership Structure Of Strategic Emerging Industries On Corporate Performance

Strategic emerging industry refers to the industry with the characteristics of intensive knowledge and technology,less consumption of material resources,great growth potential and good comprehensive benefit.It represents the direction of technological revolution and industrial transformation,and plays a leading role in the future development of the national economy and the country.However,most of the strategic emerging enterprises are newly established enterprises,whose establishment cycle is short and still in the growth stage of the industrial life cycle,and its future development road still faces many uncertain factors.Ownership structure is the basis of corporate governance,different proportion of ownership structure determines different corporate governance direction,and then determines the economic benefits of enterprises.Therefore,it is of great significance to study the influence path of ownership structure on corporate performance,then to recognize the existing problems in enterprises and put forward corresponding solutions,and to promote the more stable and sustainable development of enterprises.The purpose of this paper is to determine the influence path of ownership structure on corporate performance in strategic emerging industries.First,review the relevant literature at home and abroad,and introduce the corresponding concepts and theoretical basis.Secondly,select the data of listed companies in the strategic emerging industries from 2015 to 2018,to make descriptive statistical analysis on ownership structure,R&D investment,corporate governance and corporate performance.Thirdly,use Amos22 to construct structural equation model to analyze the influence path of ownership structure on corporate performance in strategic emerging industries,and choose the new generation information technology industry,new material industry,biological industry and new energy automobile industry to analyze and compare the heterogeneity among different industries.Finally,put forward suggestions to improve corporate performance according to the results of empirical analysis.The research shows that,from the overall impact of ownership structure on enterprise performance,the impact of the strategic emerging industry,the new generation of information technology industry,the biological industry and the new energy automobile industry are all positive,and the impact of the new material industry is negative;the direct influence direction of ownership structure on enterprise performance is the same as the overall influence direction;from the indirect influence of ownership structure on enterprise performance through R & D investment,the impact of the strategic emerging industry is negative,the impact of the new generation of information technology industry and new energy automobile industry are positive,and the impact of the new material industry and the biological industry is not significant;from the indirect impact of ownership structure on enterprise performance through corporate governance,the impact of the strategic emerging industries is not significant,the impact of the new generation of information technology industry,the new material industry and the new energy automobile industry are all negative,and the impact of the biological industry is positive.In response to the above research conclusions,the following suggestions are put forward to improve corporate performance.For the ownership structure,the enterprises should control the shareholding ratio of large shareholders reasonably and prevent the situation of "one share only big ";for the R & D investment,the enterprises should plan the direction of R & D and improve the quantity and quality of research staff;for the corporate governance,the enterprises should improve the comprehensive quality of management and pay attention to the quality of board meetings;for the industrial development,the enterprises should promote enterprise transformation and accelerate industrial integration;for the government management,the government should increase subsidies for R & D activities and formulate corresponding supervision mechanisms.