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Analysis of Effectiveness of Compliance and Voluntary Governance on Company Value

Author: DingWenXia
Tutor: CaoTingQiu
School: Shandong University
Course: Finance
Keywords: Compliance Management Self- governance Governance Index Value of the company
CLC: F276.6
Type: Master's thesis
Year: 2010
Downloads: 118
Quote: 0
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Abstract


The separation of ownership and control triggered the initial research on corporate governance issues, in recent years a series of scandals and the collapse of multinational events is sparked new emphasis in corporate governance. Countries have launched a series of guidelines and the corresponding regulations, to promote the improvement of corporate governance. As is mandatory to take a unified approach enables companies to comply with, or the company own decisions based on their own circumstances, the practice of different national regulatory authorities. What kind of a more effective way become the focus of attention. This article looks at whether the company will perform according to the requirements of standards, do not follow the rules of corporate value improved governance whether they would have a negative impact; companies to voluntarily carry out innovation activities governance effectiveness. This paper mainly at home and abroad on corporate governance compliance, autonomous governance research, analyze the effectiveness of the compliance and governance some of the conditions of its application; same article also from the perspective of cost and benefit analysis of the company will be autonomous corporate governance innovation activities, which for this study provides a theoretical basis. Specific research ideas, the paper at home and abroad on the basis of literature review, elaborated from a single corporate governance corporate governance mechanisms, such as the behavior of shareholders, board of directors, managers incentives and the external environment and other studies, and later on the basis of By building on the comprehensive evaluation index of corporate governance as well as a series of studies carried out on the basis of corporate compliance governance, self-governance governance research and analysis. In research methods, we mainly draw on previous research literature, by constructing the index to measure the form of compliance governance of listed companies and autonomous governance level. This will not only horizontal comparison with other companies, but also on the company's own governance mechanisms exist some problems for targeted change governance for listed companies to achieve the maximum extent of the perfect coordination of the governance mechanisms to provide reference. Based on the theoretical research and empirical aspects of this paper, using the data of the governance of listed companies, listed companies in China to build on compliance issues and innovation index index. The results showed that the autonomous governance of listed companies overall level is low, and the impact on the company's value is not significant, which may be mainly due to the greater cost of self-governance caused. Compliance issues index value of listed companies mainly produce negative effects, indicating that the company does cause irregularities governance inefficiency. In this one, shareholder rights sub-index and sub-index and the Supervisory Board plays a major role. By grouping analysis, problem index was mainly due to the negative effects of dispersed ownership of that part of the company caused; state-owned listed companies issue index negative effect is particularly evident. Innovative companies than other types of companies impact on firm value than other types of companies to be good.

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