Study On The Interactive Relationship Between Corporate Governance And Firm Performance

The relationship between corporate governance and corporate performance is the basic problem of the theory of Modern Corporation management.The domestic and foreign scholars have carried out a lot of research from different perspectives.The research results have provided the company with innovative and workable suggestions.However,there are some differences in the results of the research,whether from the ownership structure,the board of directors or executives incentive to explore the relationship with corporate performance,are positive correlation,negative correlation,not related to these three different empirical results,did not come to a conclusion.It can be said,corporate governance and corporate performance relationship is still the theoretical circles outstanding problems,the mechanism between the two is in a state of "black box".In addition,from the perspective of research,the existing related research is a priori to analyze the impact of corporate governance on corporate performance,while ignoring the impact of the anti-corporate performance on corporate governance may affect the company,less than the two aspects of the literature from the systematic study.Is based on the above considerations,this paper from the perspective of interactive explore the theory about the relation between corporate governance and corporate performance to solve the outstanding problems,try by embedding"technological innovation" and "media supervision intermediary variables to reveal the interaction mechanism of corporate governance and corporate performance." black box ",in order to compensate for the inadequacies of the existing research paradigm,improve the theoretical system of governance structure and its application,and for China's corporate governance transition practice and sustainable development to provide valuable reference.The main conclusions are as follows:Firstly,the research results of the relationship between corporate governance and corporate performance are summarized.Based on the analysis,the author points out that the relationship between corporate governance and corporate performance should be two-way interaction.At the same time,based on the research of the relationship between technological innovation and corporate governance and corporate performance,we designed a theoretical analysis and empirical test of the relationship between corporate governance and corporate governance.Secondly,based on the panel data of the electric power industry listing Corporation,from the perspective of the interaction,the comprehensive use of the causal model of Grainger and the quantile regression model,the empirical test of corporate governance and corporate performance.The purpose is to reveal the interaction between corporate governance and corporate performance from the perspective of empirical data.The empirical results show that there is a significant positive correlation between corporate governance and corporate performance,and there is a relationship between the two.The corporate governance is the Grainger reason of the company's performance when the lag period is short and the company's performance level is low,and the company's performance is the Grainger reason of corporate governance when the lag period is long and the company's performance level is high.Thirdly,we analyze the role of corporate governance on technological innovation,and reveal the intermediary role of technological innovation in corporate governance in corporate governance,and reveal the mechanism of embedded technology companies intending to innovate governance.Corporate governance mainly through two ways to affect the companys technological innovation and corporate performance:one is the institutional environment,ownership system and internal corporate governance system,which constitute the system of corporate governance,which constitute the system of technological innovation and technological innovation and management system,determine the institutional environment,the impact of technological innovation efficiency and thus the company's performance.Two is the power system approach,the shareholders of the investment capital to promote enterprise technology innovation and technological innovation to increase the value of the enterprise,the company's technology innovation investment decision-making and implementation of the corporate governance framework,the incentive and restraint mechanisms provided by the company to ensure the power of technological innovation and promote the realization of technological innovation.Fourth,according to the mechanism of corporate governance of companies intending to innovate governance,we design the mechanism of the company's performance,use the intermediary role model and the empirical test of the panel data of power industry.Firstly,we design and test the model of corporate governance system,which is based on the size of the board of directors,the board of directors,independent directors,the company's performance,and then design and test the effect of corporate governance on corporate governance in China's transition economy,which has a significant effect on Corporate governance,and supports the mechanism of corporate governance.Fifth,the role of media supervision to corporate governance is gradually recognized and valued,and its positive significance has been confirmed by empirical research at home and abroad.According to the above documents,the role of media supervision on corporate governance is analyzed,and according to the nature of corporate performance and media supervision,media supervision is revealed in the role of corporate governance in corporate governance.Companies with outstanding performance can also cause the media's supervision of interest,because they are more adept at using the media to disclose good information,but also often bear a special social responsibility and mission.And media supervision can influence corporate governance through two ways:one is the "reputation mechanism" way,because the negative report will hurt the reputation of corporate governance,so they usually take positive measures to improve the behavior and thus improve corporate governance level.Two is the introduction of administrative intervention approach,the media reported that the intervention of administrative agencies,improve the company's administrative costs,so as to promote these companies to correct violations of the interests of investors.Sixth,according to the mechanism of corporate governance,which is embedded in the media,we design the mechanism of corporate governance,and use the intermediary role model and the power industry panel data to empirically test the mediating effect of media supervision on corporate governance.With the help of 543 sow the land above the level of the newspaper covers the CNKI China important newspaper full text database and to the database included the electric power industry listed company news reports the number to quantify the media supervision.Firstly,we design and test the performance of the company,the media supervision,the agent of the internal governance,the role model of the corporate performance,the media supervision,the social responsibility information disclosure level(external governance of the proxy variable).The innovation of this paper is mainly reflected in the following three aspects:Firstly,the interaction between corporate governance and corporate performance is revealed from the perspective of two-way.The existing related research is the influence of corporate governance on corporate performance in a single direction,while ignoring the influence of corporate governance on corporate governance structure,mechanism and efficiency through the media supervision,etc.,and less than the two aspects of the system research.Based on the theory and literature from the perspective of interaction between corporate governance and corporate performance,the mechanism of interaction between the mechanism and the corresponding theoretical model,and the power of the listing Corporation as a sample of empirical testing,so as to make up for the shortcomings of the existing research,real scientific and practical to reveal the correlation between corporate governance and corporate performance.Secondly,taking the China Electric Power listing Corporation as the sample,the empirical test of the relationship between corporate governance and corporate performance in the context of the transition period of China's power industry is the existence of a correlation between this theory to solve the outstanding issues.Although domestic and foreign scholars have carried out a lot of research on the relationship between corporate governance and corporate performance,but not the same and generally accepted conclusions.Even in the same external environment(capital market,legal environment),the same research sample and research methods based on the comparison,also show positive correlation,negative correlation,not related to these three different empirical results,the relationship between corporate governance and corporate performance is still a problem in the theoretical circle.This paper is based on the empirical analysis of the sample of the electric power listing Corporation in our country,which is helpful to provide guidance and basis for the transformation of China's electric power industry.Third,based on the theoretical and empirical research conclusions,combined with China's power listing Corporation policy environment and practice,to provide the countermeasures and suggestions for the coordination of China's power listing Corporation governance mechanism and corporate performance.Many domestic and foreign enterprises development and innovation practice shows that effective corporate governance is the source of competitive advantage,is one of the decisive factors for the management innovation and the construction of organizational competitiveness,and also the key to ensure the sustainable development of the organization and the rapid growth.This paper intends to provide some suggestions for the improvement of governance and performance of China's electric power listing Corporation,which is helpful to improve the structure and mechanism of China's electric power and promote the transformation and sustainable development of China's electric power listing Corporation.