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The Research on the Relationship between Corporate Governance Mechanisms and Firm’s Valuation of Chinese Listed Company

Author: ZhuJian
Tutor: ZhangZongYi
School: Chongqing University
Course: Technology Economics and Management
Keywords: Corporate Governance Ownership Structure Operators equity incentive Independent Directors Capital Structure
CLC: F276.6
Type: PhD thesis
Year: 2005
Downloads: 871
Quote: 6
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Abstract


Corporate governance is the study of enterprise system arrangements, it is essentially a description of the firm contractual relationship between the different members of the organization and management of modern enterprise system. Be sure, China's listed companies in corporate governance is the first, but the corporate governance structure and establish a socialist market economy, in accordance with the general framework of corporate governance, governance structure of listed companies in operation, there are many flaws. Our theoretical circles research on corporate governance issues relatively late, at the same time, China's current corporate governance practices, there are also many disadvantages. How to learn from the West's successful experience in corporate governance model, establishing suitable for China's corporate governance structure, and promote the construction of modern enterprise system and China's economic development, has become an urgent issue. Thesis on corporate governance to sort out the basic concepts and theories of generalization based on the focus on domestic and international corporate governance research to conduct a comprehensive review and comments, which summed up the Corporate Governance Studies. Papers normative analysis and empirical analysis using a combination of qualitative analysis and quantitative analysis, comparison and combination of inductive methods to analyze the governance structure of listed companies in China Problems and problem-their point of view and corresponding countermeasures. Thesis EVA as a measure of corporate performance indicators of value to study the Chinese listed companies structure and firm value. The results show that the absence of the owner, ownership concentration is too high because listed companies in China's ownership concentration and firm value showed a significant negative correlation, and are not a phenomenon of domestic and foreign scholars said inverted U-shaped relationship . Legal person shares of listed companies as a colorful force, it is in the proportion of total shares and corporate value was a significant positive correlation. Tradable shares, stocks and senior staff shares in the proportion of total shares value the relationship with the company on the regression coefficient is positive, but not significantly. Thesis of the Listed Company equity incentive factor. Empirical analysis suggests that the current operating results of listed companies and shareholding ratio between the company's management basically irrelevant. The proportion of state-owned shares stake for managers no significant impact, legal ownership of shares and managers showed significant positive correlation between the public shares of the company's shareholding managers no significant impact. Managers and corporate business risks stake was a significant positive correlation, the board higher proportion of non-executive directors, managers of the company is more inclined to hold more company stock. Papers with empirical analysis methods currently an independent director of listed companies in China to test the effectiveness of the system, the results suggest that the current independent directors in listed companies did not play a significant improvement in corporate governance to enhance the role of corporate performance. However, the independent director system was implemented to improve the corporate governance structure of a more feasible approach. This paper analyzes the capital structure on corporate governance efficiency, in China, listed companies generally prefer equity financing of listed companies through empirical analysis shows that, despite the small proportion of debt financing of listed companies, but through debt financing, is still able to improve corporate governance improve the company's market value and the signal effect of financing

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