中文摘要：

在混合所有制改革的背景下,关注所有制结构异质性为研究企业绩效波动提供了新思路。文章以2004-2015年的中国上市制造业企业为样本,阐述了所有制结构异质性、董事会规模与企业绩效波动三者的关系,实证研究发现,拥有异质的所有制主体的企业绩效波动程度不同;所有制集中度与董事会规模、企业绩效均呈显著正相关性;董事会规模与企业绩效波动呈显著正相关性,且董事会规模在所有制集中度和企业绩效波动之间起到部分中介作用。

英文摘要：

Under the background of mixed ownership reform,paying attention to the heterogeneity of ownership structure provides a new idea for the study of enterprise performance fluctuation.Taking the listed manufacturing companies from 2004-2015 in China as samples,this paper expounds the relationship among the heterogeneity of ownership structure,board size and enterprise performance fluctuation.According to the empirical study,the subjects of ownership with the heterogeneity are different in the degree of enterprise performance fluctuation;there is a prominent positive correlation among ownership concentration,board size and corporate performance fluctuation;board size plays a partial mediating role between ownership concentration and enterprise performance fluctuation.