Research On The Influence Of Equity Structure On Theoperating Performance Of Listed Pharmaceutical Manufacturing Companies In China

As the foundation of corporate governance,equity structure determines the distribution of shareholders' control right and the layout of corporate organizational structure,affects the corporate governance structure,and ultimately has an important impact on corporate operating performance through the transmission of governance mechanism.In recent years,China's society and economy develop rapidly,but the aging of the population is becoming more and more obvious,the social public's work and life pressure is increasing,in such an environment,the importance of the medical industry is self-evident.However,the disordered ownership structure,low corporate governance efficiency and frequent financial fraud of some pharmaceutical manufacturing companies in China have seriously affected their operating performance and restricted the overall development of the industry.Reasonable equity structure can optimize the corporate governance structure,improve the enthusiasm of shareholders and management to participate in the management of the company,and is an important guarantee for the company to achieve good business performance.In order to study the influence of ownership structure on business performance,In this paper,161 listed companies in China's pharmaceutical manufacturing industry from 2016 to 2018 were selected as research samples on the basis of relevant domestic and foreign literature and basic theories,the comprehensive evaluation index of enterprise operating performance is constructed from two perspectives of market valuation and return on assets,and the equity structure of listed pharmaceutical manufacturing companies is reflected from three aspects of equity concentration degree,equity balance degree and equity nature.In this paper,statistical software STATA was used to conduct correlation analysis husman test and regression analysis of sample data,respectively to study the impact of ownership structure on business performance,and the robustness test was conducted to further ensure the reliability of the research conclusion.The results show that: first,the shareholding ratio of the largest shareholder and the top five shareholders is positively correlated with the business performance of the enterprise,and the increase of the shareholding ratio of the second to fifth shareholders has a more obvious promoting effect on the business performance.Second,the degree of equity balance is positively correlated with business performance,but the degree of equity balance of listed pharmaceutical manufacturing companies in China is relatively low.Third,the proportion of institutional shares is positively correlated with business performance,but there is no significant correlation between the shareholding of senior executives and business performance.Finally,in order to improve the corporate governance structure and improve the business performance of the pharmaceutical industry,countermeasures and Suggestions are proposed according to the empirical research conclusions and the characteristics of listed companies in China's pharmaceutical manufacturing industry:listed pharmaceutical companies should maintain a certain degree of ownership concentration;Optimize the multi-share structure and increase the shareholding ratio of other major shareholders;Introduce and increase institutional investors to enrich investment subjects;Control the expansion of the company.