The " net cash flow from operating activities / net profit " , a cash flow indicator that is emphasized both at home and abroad , was first time to be treated as one of the variables for corporate performance . the listed companies of manufacturing industry were grouped according to their asset scale and industry property . the empirical study of equity structure and corporate performance were carried out through combining the empirical analysis and theoretical analysis and by using stochastic variable intercept paral data mode and sas software package 本文以制造业303家上市公司为总样本,确定了6个股权结构变量、 7个经营绩效变量,并在经营绩效变量中,首次引入了国内外尤为关注的现金流量指标? ?盈余现金保障倍数;将制造业各次类上市公司,按资产规模和行业性质进行划分,采用实证分析与规范分析相结合的方式,运用计量经济学建模方法? ?随机影响变截距平行数据法,应用sas统计软件,对我国上市公司的股权结构与经营绩效进行实证研究。