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Corporate Governance of Listed Companies in China Impact on Corporate Performance

Author: MiSha
Tutor: LiuJiWei
School: Dongbei University of Finance
Course: Financial Management
Keywords: Corporate Governance Company Performance Split share structure reform
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 247
Quote: 1
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Abstract


Today, the world economy presents a global integration development pattern. Economic globalization provides businesses with growth and development opportunities, but it also gives us more challenge and pressure. Facing the economic globalization, corporate governance has become a common problem of the global economic development. In the western developed countries, the corporate governance had became the core problem in the study of the theory of economic development, along with a large number of results of corporate governance and corporate governance rules. Our country is still in the economic transition period, the establishment and perfecting of the corporate governance structure is particularly important to the sustainable development of enterprises, to the responding to international competition and the improvement of the enterprise management performance. In April 2005, China officially launched the split share structure reform pilot project, the implementation of split share reform of listed companies has create a new atmosphere for the improvement of the governance structure. This thesis has discussed the implementation of China’s share reform’s impact on corporate governance and analyzed the relationship between corporate governance structure and corporate performance in this new context. And trying to find out the way to improve the governance structure of Listed Companies in China.In this thesis, author theoretically introduced the related issues of the corporate governance structure and the corporate performance. Then the difference of the corporate governance of listed company that before and after the split share structure reform is analyzed. Author finds that the ownership structure, the board structure and the incentives of listed companies has become more rational after the share reform. Then author conducted an empirical analysis of the relationship between corporate governance structure and corporate performance. A multiple linear regression model was established base on the data samples of the 1616 listed companies in China of the year 2010. Select ownership concentration, stock checks and balances, whether state-owned holding, board size, proportion of independent directors, combining of two positions and the proportion of executive pay and ownership as a research variable. By doing the regression analysis and the descriptive statistics of the indicators that impact on the corporate performance, author finds that relatively concentrated share ownership structure, non-state-controlled, appropriate board size and incentive compensation senior executives will all help to improve corporate performance. Combining of two positions has no significant effect on corporate performance. Listed companies should be adjusting based on the market conditions that faced. Related to the system is not perfect and the environment in China, independent director system has not played its role that due to. And the excitation of ownership for the senior management has a limited impact on corporate performance. Finally, this thesis listed a number of recommendations to improve the corporate structure and corporate performance of the listed companies. At last author pointed out the limitations that existed.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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