Ownership Structure,Debt Financing Level And Operating Performance

The concept of corporate governance or corporate governance structure initially introduced from abroad.On the international society,many countries and organizations were in the form of different formulated.So companies adopted different corporate governance principles and adopted corresponding corporate governance mechanism,and achieved well in a result.Perfect corporate governance mechanism has become the company strengthening competitiveness,improving the international influence in the important way.The company's operating process was essentially using their assets into a more valuable asset to the process of creating added value.And the top issue was how to get at the beginning of the business assets,so is financing.As a company financing channels,an important source is debt financing,speeding up the development of the company,and constantly bigger and stronger contribution is obvious.In addition,because of our country's special national conditions,"a dominant" phenomenon is more serious,ownership structure has a greater impact on business performance,also past research has shown that the equity concentrated company with diffuse ownership of the relationship between them were not consistent.This paper further studied the different levels of debt financing regulation of relationships between ownership and business performance.As an important driving force for national progress,manufacturing industry's level of development can directly reflect the productivity of a country.At present,China is moving from "big manufacturing country" to "manufacturing power",so according to the research conclusion,as well as the control allocation looking for business performance,from the aspects of financing scale and structure are the effective path of ascension.On the basis of related theoretical analysis,selecting manufacturing companies listed in Shanghai and Shenzhen A shares as research object,for 6 years from 2010 to 2015 as research window,to select A sample of the company's financial data as the original sample data,according to the corresponding principle after excluding descriptive statisticalanalysis,correlation test and multivariate linear regression analysis method were studied,resulted the following conclusions:Equity of centralized phenomenon was widespread.In our country,Manufacturing industry can also be observed the phenomenon of "a dominant",and found that with the centralization of equity,the total return on assets and operating profit margin of two indicators were significantly improved.The concentration of equity could effectively reduce the agency cost,and could solve the problem of incentive and restriction mechanism among shareholders,in a result the company value maximized.Most of the manufacturing company's debt financing were in a below average size.In the choice of two ways: debt financing and equity financing,often choosing equity financing,because debt financing was mainly used to borrow or by issuing bonds,and the high threshold of the two ways,making hard to raise debt financing for listed companies,leading to corporate debt refinancing space was larger.Debt financing and ownership structure were inconsistent with the Tobin Q value indicators and with the total assets return rate and operating profit margin direction.Debt financing scale enhanced the Tobin Q value,but reduced the profitability index.While the influences of ownership structure for them were just opposite.Also found that the level of debt financing and ownership structure was "U" shaped relationship,namely the level of debt financing as ownership structure tended to cluster rendering first decreasing after rising trend.Further study found that debt financing on the ownership structure for operating performance relationship had adjustment.Research conclusion was beneficial to the company structure,reasonable arrangement of debt financing structure and ownership structure,to establish a scientific evaluation system of operating performance for the rapid development of the manufacturing companies providing feasible suggestion.