The Study on the Impact of Ownership Structure of Listed Manufacturing Companies on Operational Performance

Ownership structure has a significant impact on corporate governance and business performance. This study uses a sample of 7,959 observations from listed manufacturing companies in China between 2012 and 2024, applying multiple linear regression analysis to examine the influence of different dimensions of ownership structure on business performance. The results show that the shareholding ratio of the largest shareholder, the top five shareholders, and the ownership balance index are all significantly positively correlated with Return on Assets (ROA). When Return on Equity (ROE) is used as a substitute, the conclusion remains robust. Moderate ownership concentration is beneficial for supervision and reducing agency costs, while effective shareholder balance can limit the risks of "single shareholder dominance." Both factors work together to enhance business performance. This study provides empirical evidence for understanding the governance effects of ownership structure in a transforming economy and offers important insights for businesses and regulatory authorities.