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Corporate Governance’s Dynamic Adjustment of Listed Companies in China

Author: JinBo
Tutor: QianYanMin
School: Zhejiang University
Course: Western Economics
Keywords: Governance structure G indicators Dynamic adjustment GMM
CLC: F276.6
Type: Master's thesis
Year: 2011
Downloads: 163
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Abstract

What are the characteristics of this article we are mainly concerned about China's listed companies related to its output, the process of governance reform is incremental and exploratory and microstructure changes its output role three questions. We surpass our predecessors static perspective, build the index can objectively reflect the composite indicator of the level of the governance structure of listed companies in China, based on our dynamic adjustment changes its governance structure of the dynamic changes of the value or performance of listed companies been studied. 1998-2009 1186 listed companies, on the one hand, found a high degree of ownership concentration in China, the proportion of state-owned shares and the widespread presence of a large number of non-tradable shares in China's listed companies; the other hand, the use of panel data empirical analysis of preliminary excavations the performance of the main features of the governance structure of listed companies in China the company's performance and value: the relative level of profitability for the company, our corporate governance structure variables are more direct role for the company's market value, at the same time, the company's internal governance effect was significantly greater than the external governance; internal governance or governance of large shareholders the main stake of the company's largest shareholder and enterprise value presents an inverted U-shaped relationship, the higher the stake of the state-owned shares, the less conducive to the increase in the value of enterprises, but the proportion of outstanding shares the higher, the greater the value of the company; while the size of the board of directors and corporate value is negatively related to the internal governance, the chairman of the board is expected to bring positive change to the investors, the role of independent directors fuzzy; contract incentives, the company management, the top three executive compensation and corporate value but negative correlation reflects the incentive pay system is not perfect; managerial ownership is not significant in promoting the role of corporate governance; external governance mechanisms in our country is not perfect, the only factor market constraints generated significant were not significantly affected by the negative effects, and other capital markets, or the Big Four accounting firms audit. Derived from our unique governance structure characterized, we extract the core factor G index constructed a composite indicator of an objective description of the mechanism and the level of governance of listed companies in China, including equity structure heavily weighted to reflect the status quo of China's largest shareholder governance . The main dynamic research, we found that the performance of our company with the dynamic evolution of the governance structure is divided into two areas: the \We first got our corporate governance structure is associated with the process of China's enterprise reform gradually evolved, \We chose G indicator reflects the change process: In 1998 and 2004, the G indicators increased steadily; - so far, in 2005 to solve a major obstacle to the development of China's capital market began in 2005, the split share structure reform, G indicators also rising rapidly, objectively reflect the course of development of China's capital market and listed companies. Further, the company's market performance adjustment mining: on the one hand, a staged event study methodology to the study of the dynamic adjustment of the corporate governance structure optimization of the value of the company governance mechanisms for enterprise value derived from the time-sharing model adjustment has a different role in a different market environment, the success of the split share structure reform in the history of Chinese capital to promote the governance of listed companies in China to enhance and accelerate the promotion of the increase in the value of the enterprise through this upgrade, segmentation method gives our governance structure for the empirical evidence of the role of enterprise value; the other hand, waiting dynamically adjusted model dynamic partial adjustment model and an empirical study by GMM method to establish equilibrium paradigm in economics. Market performance of listed companies in China and did not achieve the optimal level established elements and technical conditions, but the performance is the convergence of the specific factors of production and production organization, and is gradually moving to the optimal level, quantitative research rate of about 54%, converge to the optimal level of performance is a long process, there is the so-called \developing countries, gradual reform policy is still a realistic and positive and sensible reform path.

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