Study On The Relevance Of State-owned Listed Company Board Of Directors Governance And Corporate Performance

Our country has carried on the shareholding system reformation of the state-owned enterprise in 1980s. With the enlargement of the range and quantity of listed company in our country, the problem of company governance has become very outstanding. The board of directors governance is an important component of company governance and it has become one focus of practice and academia circle.This paper research the relevance of state-owned listed company board of directors governance and corporate performance. Firstly, recommend research meaning and domestic and foreign research. Secondly, recommend relevant theories of the board of directors and corporate performance. And then, propose the research assumption of this paper on the basis of theoretical research. Finally, utilize wholesale and retail trade, food and beverage and agricultural, forest, herd and fishing trade 81 state-owned listed companies of Shanghai stock marker 2004 annual report data to research. The factors of board of directors governance include the board structure, directors own stocks, directors tenure, the conference discuss mechanism and independent directors. The performance indexes include ROE and RI .Carry on statistics through SPSS, and examine the assumption. Through the result, put forward some suggestion to board of directors governance.This paper use SPSS software to research the problem and discover some results. Directors specialized quantity and the corporate performance is remarkable relevance. When the quantity is about 5, the performance is best. Directors and chairman own too few stocks. When chairman tenure is within 1-6 years, the tenure and the corporate performance is remarkable relevance, however, when the tenure is longer than 6 years, the relevance is not remarkable. In the whole sample, ROE and the equally tenure of directors is remarkable relevance. When the sample is selected the tenure longer than 5 years, the result is remarkable inverse relevance. The strategy proportion of board conference subjects and corporate performance is remarkable relevance, especially when the proportion is smaller than or equal to 21%.The accumulation voting system, equally subject quantity of conference, whether the independent directors propose objections to the conference subjects and the proportion of the independent directors participates conference times, which are corporate performance not remarkable relevance with corporate performance. Finally, according to the results, ourcountry should strengthen directors and chairman's longtime prompting as soon as possible, and provide the good work environments for the independent directors.