中文摘要：

本文通过选取2011～2015年中国航空工业18家上市公司的指标数据，构建多元回归模型，分析了其股权布局、技术创新及业务管理3个层面的因素对绩效的作用情况。结果表明：国有持股比重与经营绩效的关系呈显著倒“U”型，且以营业利润率（OPR）为被解释变量回归时其临界值为56.06%，而国有股比例均值是52.03%，尚处于临界值内，由此可知目前的国有持股尚能促进公司绩效的提升，但以总资产收益率（ROA）回归时则有超出临界值（51.32%）的风险；还有股权的集中程度、研发经费的投入力度对绩效均有正面影响，但后者有1年的滞延期；而销售成本率对绩效却有明显的抑制作用。最后，根据实证结果，为我国航空工业的发展提出几点建议。

英文摘要：

Selects index data of 18 China＇s listed aviation companies during 2011-2015 years,and establishes the regression model,this paper analyzes the role of the various factors of the stock layout,technological innovation and business management level on the performance.The results show：the relationship between the proportion of state ownership and operating performance is significantly inverted“U”type,and the operating margin（OPR）as the explained variable regression when the critical value is 56.06%,while the mean proportion of state-owned shares is 52.03%,which is still in the critical value.It can be seen that the current state-owned shareholding can promote the improvement of corporate performance,but the return on total assets（ROA）has a risk of exceeding the critical value（51.32%）.The concentration degree of equity and the input of R＆D funds have positive effects on performance,but the latter has 1 years delay.While the sales cost rate has a significant inhibitory effect on performance.Finally,according to the empirical results,some suggestions for the development of China＇s aviation industry are put forward.