制造业企业的股权结构对企业绩效影响的实证研究

股权结构是企业有效治理的基础，优化股权结构是提高企业绩效的关键.对此国内外学者进行了相关研究，但结果并不一致.在综合考虑了企业的生命周期和行业性质的前提下，探讨了股权结构对企业绩效的影响，选取制造业行业1190家企业2012-2015年的相关变量数据，首先采用主成分综合得分法计算出企业绩效，之后选用现金流组合法按照各自所处的生命周期对企业进行分类，最后在各时期内分别构建回归模型来分析股权结构对企业绩效的作用，并进行了模型验证.股权集中度对企业绩效的影响分为三类：处于导入期、成熟期和淘汰期的企业影响关系呈正U型，处于增长期的企业与其绩效显著负相关，衰退期企业的影响并不显著.股权制衡度对企业绩效的影响分为两类：处于成熟期、淘汰期的企业影响关系呈倒U型，导入期、增长期、衰退期影响则不显著.

An Empirical Study on the Impact of Ownership Structure of Manufacturing Enterprises on Enterprise Performance

Ownership structure is the basis of effective corporate governance, so how to optimize the ownership structure is the key to improve enterprise performance. Domestic and foreign scholars have carried out relevant research, but the results are not consistent. Considering the life cycle and the nature of the industry, this paper discusses the impact of ownership structure on enterprise performance. Based on the relevant variable data of 1190 manufacturing enterprises in the national manufacturing industry from 2012 to 2015, the principal component comprehensive score method is used to calculate the enterprise performance, and then cash flow combination method is used to classify the enterprises by their own life cycles. Finally, regression models are constructed to analyze the effect of ownership structure on enterprise performance in each period, and the model is verified. The results show that, in terms of ownership concentration, the relationship between enterprises in the introduction period, maturity period and elimination period is positive U-shaped, the enterprises in the growth period are significantly negatively correlated with their performance, and the impact in the recession period is not significant; as for the equity balance degree, the enterprises in the mature stage and the elimination stage and their performance are inverted U-shaped, and the influence of the introduction period, growth period and recession period is not significant.