The Study On The Path Of Influencing Factors Of Manufacturing Corporate Performance

As manufacturing industry is the pillar industry of China’s economic development,General Secretary Xi Jinping pointed out in the report of the 19 th National Congress that China should unswervingly build a manufacturing powerhouse and promote the optimization and upgrading of traditional manufacturing industries."Made in China 2025" proposes that China should adhere to innovation-driven,quality-first,market-led,and government-led,and strive to rank among the manufacturing powers with the United Kingdom and the United States in 2025 And corporate performance is a barometer of the company’s operating conditions,a feedback of the manager’s work,a key area of concern for shareholders,and an important factor for investors.Facing the challenge of transformation,how to improve corporate performance is an important research issue.This paper adopts a combination of theory and empirical methods to elaborate the impact of corporate debt,ownership concentration and technological innovation on corporate performance by studying domestic and foreign literatures,and selects two external perspectives of industry concentration and marketization degree.Based on the data of Chinese Manufacturing Listed Companies in 2017,this paper uses structural equation model to study the influence path of manufacturing enterprises’ internal factors on corporate performance from different perspectives,and finally obtains the following results:When the industry concentration and the marketization degree are not considered,corporate debt,ownership concentration and technological innovation will have significant direct effects on corporate performance,while corporate debt and ownership concentration have significant indirect effects on corporate performance through technological innovation.Corporate debt has the greatest total effect on corporate performance among the three internal factors.From the perspective of industry concentration,enterprises with low industry concentration have greater impact on corporate performance from technological innovation,and the order of influence of three internal factors on corporate performance has changed.From the perspective of the marketization degree,the direct effect of technological innovation and ownership concentration on corporate performance is not significant for enterprises in low marketizaion area,and the indirect effect of corporate debt and ownership concentration on corporate performance through technological innovation is not significant.From the perspective of industry concentration and marketization,the following conclusions are found.First,the high degree of marketization enhances the positive direct effect of technological innovation on corporate performance in low degree of industry concentration.Second,in high marketization area,no matter what kind of industry concentration,there are always positive direct and indirect effects of ownership concentration on corporate performance.Third,regardless of the degree of marketization and industry concentration,corporate debt always has a negative direct effect on corporate performance.