Analysis of the Relationships Between Ownership Structure and Corporate Performance Under the Influence of Stage Characteristics of Firm Growth

Combining with the characteristics in each stage of enterprise development, this article carries through analysis in the view of corporate governance, and brings the characteristics of each firm growth stage into the ownership governance mechanism as exogenous variables, basing on test. Considering that the influence of ownership structure to the corporate performances is varying along with the development of the companies. Simultaneous, takes China listed private manufacturing companies as sample and makes empirical analysis. The outcome indicate that, their corporate performances are positively related to the ownership concentrations in growing stage; Corporate performances are negatively related to the ownership concentrations and have no relationship with the degree of outside stock holders in mature stage.