Research On The Impact Of Ownership Structure On Return On Investment Capital

After the completion of the share-trading reform of listed companies in China,there has been a good feedback effect on China's securities market.But after the reform is completed,it is still a hot topic.In the academic world,the relationship between equity structure and corporate performance has always been a hot topic for scholars.Different scholars have different perspectives and different variables,which makes the research conclusions different.Looking at the research references in the past few years,it is found that there are relatively few literatures on the relationship between the two from the perspective of industry.Due to the different industries selected by different scholars,the research results have no relatively uniform conclusions.However,if we study the relationship between the two without considering the competitive factors of the industry,and directly put the enterprises of different industries together for research,it is likely to cause the mutual influence of the relevant variable indicators,thus affecting the equity structure of the enterprise and the return on invested capital effectiveness.In order to carry out research on the above problems,this paper firstly combs the relevant research results of equity structure,shareholding structure and return on invested capital,and then combines the theory of principal-agent and property rights theory on the relationship between equity structure and return on invested capital.The relationship is theoretically analyzed and relevant assumptions are presented.Finally,this paper selects 2015-2017 as the research interval segment,and divides all A-share listed companies in China into manufacturing and non-manufacturing industries as research samples,through descriptive statistics,correlation analysis,multiple regression analysis and robustness test.The method examines the impact of the shareholding structure on the company's return on invested capital.The results show that:(1)In terms of equity concentration: Under the background of state-owned enterprises,the concentration of ownership of listed companies in manufacturing is not related to the return on invested capital.The concentration of equity in non-manufacturing listed companies is positively correlated with the return on invested capital.Under the background of non-state-owned enterprises,the concentration of ownership and return on invested capital ofmanufacturing and non-manufacturing listed companies are positively correlated.(2)In terms of equity balance: Under the background of state-owned enterprises,the equity balance between manufacturing and non-manufacturing listed companies is not related to the return on invested capital.Under the background of non-state-owned enterprises,the equity balance of listed companies in the manufacturing industry is negatively correlated with the return on invested capital.The equity balance of non-manufacturing listed companies is not related to the return on invested capital.Finally,based on the research conclusions,relevant suggestions are put forward,and some shortcomings in the research process are pointed out.