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The Governance Structure of Listed Companies and Company Performance Relation Study

Author: JiaNa
Tutor: SunHongMei
School: Shaanxi University of Science and Technology
Course: Accounting
Keywords: company governance structure governance structure corporateperformance ownership structure board of directors seniormanagers
CLC: F276.6
Type: Master's thesis
Year: 2012
Downloads: 684
Quote: 1
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Abstract


With the continuous development of world economy and the establishmentof modern enterprise system, The theory of corporate governance increasinglyprominent role in guiding the enterprise management. A reasonable corporategovernance structure contributes to the improvement of operation efficiency andthe declination of total operating costs; helps to enhance the ability of companyto attract outside investment, ultimately improve corporate performance, is thebasic means to achieve corporate performance. Therefore, the corporategovernance structure has been paid more and more attention, in particular, thegovernance structure of listed companies and performance relations is tobecome the people of hot spots. For our country, the corporate governancestructure in the process of performance also plays an indispensable role.The paper takes listed companies governance structure and companyperformance relation as the research topic, using the theory of separation of tworights, principal-agent theory, stakeholder theory as the theoretical basis, firstfrom the specific form of the governance structure of listed companies in China,theoretical analysis of governance structure and performance of listedcompanies, put forward the research hypothesis; and then selected the2010statistics of China’s listed companies, applied statistics and econometricsmethod, empirical analysis and testing of the object of study, and from thecomprehensive perspective, summarized the conclusion; finally to listedcompanies profitability as a starting point, on the basis of the researchconclusion and administers structural current situation, put forward theproposals on perfecting the corporate governance structure.This study found that, in China’s listed companies, ownershipconcentration is too high or too low and shares allocation of different proportionis unreasonable, the system of board of directors is not perfect enough, the lackof incentive mechanism and other problems still exist, we need to pay more attention to these aspects. The existence of these problems also shows that thecorporate governance structure of our country development cannot accomplishat one stroke, and requires a gradual step-by-step development of a soundprocess. According to the empirical conclusions, this article from the aspects ofownership structure, board of directors, executive personnel incentivemechanism, some suggestions for perfecting the corporate governance structureis proposed to enhance the company’s competitiveness, improve companyperformance.The innovation of this paper is starting from the four large aspects of theshareholding structure (state-owned shares, legal person shares, tradable shares),ownership concentration, board of directors (board size, proportion ofindependent directors, two part-time position status), proportion of managerialownership in the corporate governance structure, systematically investigated thevarious possible relations between the eight specific governance variables andperformance, including linear correlation and nonlinear correlation (conic orcubic curve correlation), so that the research achievements can be moreaccurately reveal the structure of corporate governance and performancerelationship. This is more obvious in the course of the state-owned shares andlegal person shares and Corporate Performance relation study.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company
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