The Choice Of Benchmark Interest Rate In China's Money Marketand Its Empirical Test Of Effectiveness

The manufacturing industry is an industry that includes manufacturing materials and industries and transforms them into large-scale tools,industrial products and consumer goods.The manufacturing industry directly reflects the productivity level of a country and is an important production factor for measuring developing countries and developed countries.The shareholding structure refers to the proportion and relationship of shares of different natures in the company's total share capital.This paper explores the relationship between the shareholding structure of listed companies in China's manufacturing industry and corporate performance.Through empirical research,it concludes that in the face of the severe challenges of domestic and intermational environment,it provides some ideas and experiences for China to achieve China Manufacturing 2025.This paper comprehensively and meticulously summarizes the literatures of predecessors' research scholars,covering the three major parts of the ownership structure,the performance of manufacturing enterprises,and the impact of ownership structure on manufacturing enterprises.At the same time,it combines the status quo of China's manufacturing enterprise equity institutions,and based cm three related theories:economies of scale theory,ownership structure theory and principal-agent theory,analyzes the impact mechanism and mechanism of ownership structure on performance.Under the premise of proposing the relationship between equity structure and firm performance,a multivariate linear regression model was established.The selected sample is the operating data of 1,504 companies in China's manufacturing listed companies in 2017.In the analysis of the performance of the dependent variable enterprise,the main factor analysis method is used to select the net profit rate,total asset turnover rate and equity multiplication f:rom five dimensions:profitability,solvency,operational capability,development capability and relative value indicator.Ten financial indicators,etc.,yielded a comprehensive performance score for all companies.The ownership structure selects seven indicators,including the state-owned shares,the outstalding shares,and the proportion of the top ten major shareholders,from the two dimensions of equity and equity concentration as the independent variables.The empirical research draws the following conclusions:From the perspective of equity nature,there is no obvious linear relationship between the shareholding ratio of direct controlling shareholders and company perfornance;the proportion of state-owned shares is positively related to company performance;the proportion of outstanding shares and company performance is negative Relevant proportions.From the perspective of equity concentration,the shares of the largest shareholder and the company s performance are positively proportional;the sum of the shares held by the top ten shareholders is positively linear with the company's performance;the square share of the top ten shareholders and the company Performance is a positive correlation;there is no significant correlation between the ratio of the shareholding ratio of the largest shareholder to the second shareholding ratio and corporate performance.