Research On The Relationship Between The Ownership Structure And Operating Performance Of Military-civilian Enterprises

At present,the deep Military-Civilian Integration has become a national strategy.It is of practical significance to study the relationship between the ownership structure and the operating performance of the listed companies and find out the effective strategies to improve the operating performance of the companies.At the same time,it is of practical significance to accelerate the development of the Military-Civilian Integration industry in China.It is also of practical significance for the government to formulate relevant policies,the listed companies to improve the governance structure and investors to form investment decisions The policy has certain reference value.96 listed companies in the Military-Civilian Integration sector of Shanghai and Shenzhen stock exchanges were selected as the research objects,based on the2013-2018 financial report data.First of all,it combs the theory of ownership structure and business performance,summarizes the policy environment and development status of Military-Civilian Integration,and analyzes the characteristics of Listed Companies in Military-Civilian Integration.Secondly,the paper defines the variables of the equity structure and operating performance of the Military-Civilian Integration listed companies,and selects five characteristic variables of the equity structure: equity concentration,equity balance,equity nature,senior management shareholding ratio and institutional shareholding ratio.At the same time,the principal component analysis method is used to select five categories of profitability,debt paying ability,asset management ability,growth and development ability,and equity expansion ability Seventeen indicators are used as variables to measure the business performance of an enterprise.The main components are extracted and the comprehensive value of the business performance is calculated.Thirdly,based on the existing theory,this paper puts forward the research hypothesis of the relationship between ownership structure and business performance,establishes the regression model of the characteristic variables of business performance and ownership structure according to the relevant hypothesis,and carries out quantitative analysis of the relationship between the two.Finally,according to the regression results,the paper puts forward countermeasures and suggestions to improve the business performance of Military-Civilian Integration listed companies.It is found that the type of controlling shareholders has a significant positive impact on the production and operation performance of enterprises in the listed companies of the Military-Civilian Integration plate;the ownership concentration also has a significant positive impact on the production and operation performance ofenterprises;the ownership balance degree has a significant positive U-shaped correlation with the production and operation performance of enterprises;there is an positive relationship between the institutional shareholding ratio and the operation performance of enterprises.The results show that there is a positive correlation,but there is no significant linear relationship between the proportion of senior management ownership and the performance of production and operation.In order to improve the production and operation performance of the listed enterprises of Military-Civilian Integration in China,the following suggestions are put forward:appropriately increase the proportion of state-owned assets,moderately increase the proportion of major shareholders,build a relatively balanced equity structure,and determine the proportion of institutional shareholding according to local conditions.