The Impact Of Ownership Structure On The Performance Of Manufacturing Enterprise From The Perspective Of Life Cycle

In recent years,China's economy has changed from high-speed growth to medium-high-speed growth.The economic development is facing many problems,such as imbalance between supply and demand,inefficiency,slow conversion of old and new momentum and so on.China's economy has entered a new normal.Enterprises are the cells of the national economy.The inefficiency of micro-economy is ultimately due to their own problems.Good corporate performance is the development goal that enterprises constantly pursue.Enterprise performance is influenced by various internal and external factors.Ownership structure determines the allocation of multiple powers within an enterprise.As an important part of internal governance,ownership structure has a significant impact on enterprise performance.The impact of the ownership structure on corporate performance has become a hot topic of research.The separation of ownership and management rights brought about by the modern stock company system,together with the phenomenon of "one share dominates the other" in China's enterprises,makes the listed companies have the situation of agency conflicts between shareholders and managers and between large and small shareholders.Faced with these conflicts,how to optimize the ownership structure,supervise the behavior of managers and major shareholders,reduce agency costs,and promote the improvement of enterprise performance level have become the focus of this paper.This paper takes manufacturing enterprises as the research object,which has important practical significance for promoting the healthy development of manufacturing industry.Through combing the relevant literature,we find that:(1)There are many studies on the impact of ownership structure on corporate performance in the academic circles,but there is no consistent conclusion;(2)In the past literature,when studying the impact of ownership structure on corporate performance,little attention has been paid to the impact of corporate life cycle stage.In the real world,there are many differences in business objectives and equity allocation of enterprises in different life cycle stages.If these factors are ignored,they will be out of touch with reality.From the perspective of life cycle,this paper studied the impact of ownership structure on corporate performance in different life cycles,in order to supplement the existing research.The research content of this paper is divided into five parts.Firstly,this paper elaborates the background and significance of this study,which leads to the theme of this study.Secondly,it combs the existing research on the impact of ownership structure on corporate performance,and finds that scholars mostly measure ownership structure from two aspects:ownership concentration and ownership checks and balances,but the specific research results have not reached consensus.It is find that the difference of life cycle stage is the important reason that leads to the inconsistency of research conclusions,so this paper studies from the perspective of enterprise life cycle.Thirdly,it elaborates the relevant content of life cycle theory,analyses the impact mechanism of ownership structure on corporate performance,and then puts forward the hypothesis of this study based on the life cycle perspective.Fourthly,using the panel data of the 1419 manufacturing listed companies in 2015-2017 as the research sample,the life cycle of the enterprise is divided according to the cash flow combination method for the first time,then calculates the total factor productivity index of these enterprises by using the Malmquist index method of DEA.Nextly,this paper empirically tests the data of 804 growth enterprises,444 mature enterprises and 171 recession enterprises from two aspects of total enterprise performance and efficiency.Fifthly,according to the results of empirical research,draw the conclusions and put forward corresponding policy recommendations.The results of this paper show that the effect of ownership structure on firm performance is significantly different in different life cycle stages.For growing enterprises,increasing the concentration of equity has a significant role in promoting the return on total assets and total factor productivity,but strengthening the equity balance will inhibit the improvement of corporate performance.For mature enterprises,reducing the concentration of equity and improving the power balance between shareholders are conducive to improving the return on total assets and total factor productivity.The empirical results of enterprises in the recession period show that the more concentrated the equity of enterprises in the recession period,the more they can help the company out of the predicament and improve the total return on assets of enterprises;the increase of equity balance in the recession period has a significant inhibitory effect on the improvement of total factor productivity.,but its impact on the return on total assets is not significant.This paper may have the following innovative points.First,the impact of ownership structure on firm performance is examined from the two dimensions of total performance and efficiency.At present,most academics choose financial indicators or market value indicators as measurement indicators of enterprise performance.Market value indicators are difficult to reflect the true level of enterprise performance because of the limited development of the stock market and the imperfect regulatory system.Accounting indicators are easy to be artificially controlled.Enterprise performance is a comprehensive indicator covering all aspects of production and operation.This paper explores the impact of ownership structure on corporate performance from the two dimensions of total performance and efficiency,which makes the research tentacles more in-depth.Second,pay attention to the impact of enterprise life cycle stage.Scholars at home and abroad have conducted in-depth discussions on the impact of ownership structure on corporate performance,but no consensus has been reached.Most of these documents do not take into account the impact of different stages of development on the research results.Therefore,based on the perspective of the life cycle of the enterprise,this paper examines the impact of corporate ownership structure on corporate performance,and provides some reference for the equity governance of Listed Companies in China.