Manufacturing Listed Companies In China Equity Concentration,Cost Stickiness Effects On Company Performance Research

In today's economic globalization,the company intensified competition,profit margins have been compressed era,as the main body in the real economy,the national economy of manufacturing companies,in the face of fierce international competition,also is an opportunity and challenge coexist.To truly achieve made in China,2025,to achieve the transformation from manufacturing power into the world's manufacturing power,achieve the company stand out from so many competitors,for manufacturing firms,it is necessary to change,should improve corporate governance and management problems,to achieve the most concern of the enterprise,corporate performance,this is a problem urgently to be solved in the present,it is based on such background,this article analyzes our country manufacturing industry listed companies as the research object.Ownership concentration is the core content of corporate governance,scholars early into ownership concentration and corporate performance,so far only about two relations are still not a unified conclusion,so the influence between ownership concentration and corporate performance of enduring topic also has been discussed.Cost stickiness is a hotspot of research in recent years,is when you don't follow the business volume to reduce the cost of the phenomenon of falling rapidly,this change the cost and volume symmetry change traditional understanding,enable people to a new understanding of cost management to the company.So far,but the cost to viscous economic consequences research are based on 2010 WEISS model,the model of data needs to be involved in the manual screening,large amount of calculation and has certain complexity,so the research about the cost of viscous effect on corporate performance is not much.Based on the research status and the related literature at home and abroad were reviewed and the process of combing,combined with the related theoretical basis,found in this paper,we study the breakthrough point,this article mainly from the perspective of corporate governance and the cost control,the ownership concentration on the company a short-term performance and the influence of long-term performance,cost of viscous short-term performance and long-term performance impact on the company,and further study of the ownership concentration asregulating variable,discuss the differences in the cost of equity concentration viscosity plays a role in regulating effect on corporate performance,is to improve or inhibition.This article selects the a-share manufacturing listed companies in Shanghai and shenzhen two city 2013-2016,four years of data as the research sample,the research on the impact of ownership concentration on both short-term and long-term company performance study samples for A total of 6144,the cost of viscosity on the company's short-and long-term performance influence and affect the relations between and among,excluding the samples cost viscosity values greater than or equal to zero,so the cost of the viscosity of the sample for A total of585.This article will study all the quantitative variables,select relevant measures,by establishing a multivariate regression model,verify the hypothesis,this paper puts forward three research final empirical results show that:(1)manufacturing listed companies in China equity relative concentration and viscosity is generally high cost;(2)the performance of equity concentration on the company's short-term impact is inverted u-shaped relationship and equity concentration,the impact on the company's long-term performance was positively u-shaped relationship;(3)the cost of viscous effects on short-term performance is inverted u-shaped relationship between viscous effects on the company's long-term performance and cost are inverted u-shaped relationship;(4)the ownership concentration will curb costs viscous positive impact on corporate performance.Namely equity moderately diversify,cost stickiness is obvious positive impact on corporate performance.Finally combining with the conclusion of this article,from outside the company,corporate governance from three perspectives,cost control Angle manufacturing listed companies in China were put forward policy Suggestions to improve corporate performance.First of all,from the perspective of external,can establish and improve the market mechanism,strengthening the external supervision;Secondly,from the perspective of corporate governance,equity structure can be optimized,maintaining moderate shareholding concentration and establish an incentive and constraint mechanism for managers,slow down the agency problem;Finally,from the point of view of cost control,should correct understanding of cost stickiness,improve the quality of the managers and the reasonable use cost stickiness,perfect cost control system.Hope from the three angles,can actually improve manufacturing company equity structure and the status quo of the cost of viscosity,which can improve corporate performance,meet the company more long-term development.