An Empirical Study On The Ownership Structure And Corporate Performance Of Listed Companies In Pharmaceutical Industry

In recent years,China's social economy has shown a rapid development trend,the total population is large,the growth rate is rapid,the aging problem has become increasingly prominent,and the environment has gradually deteriorated.In such a great environment,the importance of the pharmaceutical industry has gradually become prominent,and it occupies a very critical position in the development of the national economy.The rapid development of modern industry creates opportunities for the modernization of the pharmaceutical industry and plays a strong role in promoting the development of the economy.Generally speaking,listed companies are the best quality enterprises in the pharmaceutical industry.In the corporate governance of listed companies,must be based on the ownership structure,if the reasonable equity ownership structure restricts the formation of corporate control layout,determine the company's shareholders'meeting with the structure of the board of directors rights,and rely on the cooperation and coordination of the board of directors,monitoring and management,so as to affect the performance of the company.Based on the relevant data from 2014 to 2016 this period of listed companies as the research object,selecting 10 evaluation indexes for the pharmaceutical industry association between ownership structure of listed companies and the operation results of study.After the comprehensive arrangement and summary of relevant literature,data,research ideas and clear the foundation of this paper,by using correlation analysis to further research and test its shareholding structure and assumptions related to the sample.The results show that the operating performance of enterprises is positively related to the proportion of corporate shares,and is inversely related to the proportion of state-owned shares.From the point of view of equity concentration,the proportion of the top five shareholders,the largest shareholder,and the top 10 shareholders of the company and the operating results of listed companies are positively correlated.From the perspective of equity checks and balances,the S index as a yardstick,or Z index as a measure of value,both with the listed company's operating results are positively related.Therefore,this paper formulated four aspects following measures:(1)the appropriate increase of ownership concentration;(2)reducing state-owned shares accounted for;(3)improve the internal supervision and restriction mechanism;(4)the proportion of stock holdings of corporate shares.