18th International Conference on Innovative Computing, Information and Control (ICICIC2024)
Onsite (Qinhuangdao, China) and Online, September 10-13, 2024

PS-16: ICICIC2024-WS05-16
Research on Governance Structure and Operational Efficiency of Manufacturing
Listed Companies
Yan PuSchool of Economics and Management (School of Tourism), Dalian University, Dalian 116622, P. R. China
157879445@qq.com

Introduction

TablesChina’s manufacturing industry has developed
rapidly and has become an important pillar of thenational economy. However, with the slowdown ofeconomic growth, the aggravation of energy
shortage and the increase of labor cost, how toeffectively allocate resources and improve
production efficiency has become the key factor for
manufacturing listed companies to enhance theircore competitiveness and obtain long-term
development. Therefore, it is necessary toevaluate the efficiency of China’s manufacturinglisted companies, through the analysis of theinfluencing factors to continuously improve theoperating efficiency.

Table 1. Regression results of Tobit model
Model onecoefficient
Constant
CONC

This paper divides the operation process ofmanufacturing listed companies into profit efficiency
and market efficiency, and evaluates the efficiency
from different perspectives.

0.001

***

Z

coefficientZ

2.09442.099***

10.8938

3.4902-0.001-0.9600*

1.4099

DS0.004

0.2073

0.036

IND_R

0.061

0.69570.145

0.9745

DUA-0.009-0.6991-0.013-0.5757

M

0.073

0.75840.261

1.5770

MA

***

0.028

SIZE

Research Questions

0.238

***

Model two

DAR
TE-1R

-0.62034.7736-0.006-0.181***-18.4359

0.123

***

7.4573-0.070***-2.4803

0.029

0.604

0.189

2****

23.3924-0.209***-15.5103

0.702

0.627

2

Adjusted R

0.685

0.605

Log likelihood

410.45210.78

Methodologies
1) DEA model
DEA model determines the production frontier
through mathematical programming model andevaluates the relative efficiency of each decision
making unit (DMU). The optimization model is asfollows:smax hk = ∑ U r Yrk
sr =1s.t. ∑ U r Yijr =1m∑V Xr =1is∑V Xi =1ijiik≤12) Tobit modelThe efficiency calculated by DEA model is inthe range of (0, 1], and there is censored data. If
the least squares regression model (OLS) is used,
the premise that the data is continuous value will
be violated, and the results obtained will be biased
and inconsistent. Therefore, this paper chooses
Tobit model to study the relationship between
corporate governance and operational efficiency.

Conclusion
The basic conclusions are as follows. 1) The efficiency oflisted manufacturing companies in different stages is quite
different. The average efficiency of the profit stage is 0.691,
while that of the market stage is only 0.265, which is far lower
than that of the first stage. This shows that most companies
still set the goal of profit maximization rather than valuemaximization. 2) The role of corporate governance is different
in different stages. The compensation of controllingshareholders has a positive impact on the company’sprofitability. The size of the board of directors and themanagement’sshareholding
canpromotethemarket-oriented ability of the company. Therefore, managers
should formulate clear corporate strategy, gradually improvevarious governance means including equity governance,board governance and management incentive, so as tomaximize the effectiveness of corporate governance andpromote the overall efficiency of the company.