Research On Corporate Governance And Performance Of High-tech Enterprise

From the facts of development and innovation of enterprises home and abroad, the effective corporate governance indicates that it is one of determinant factors of management innovation and organizational competitiveness, as well as critical point maintaining the development and improvement of organizations. Innovation is regarded as resource of creating value for enterprises, retaining the core competition of enterprises. As a nexus of contracts, there are costs of agent between consigners and agents in modern enterprises. The correspondence between the rights for controlling the corporation and the rights for demanding residuals will reduce the agent costs. A good governing structure can allocate the controlling in a more rational way that does benefits to the competition of controlling rights and lead to reducing the agent costs. From innovation more people can accumulate wealth, alleviating conflicts among different groups on the aspect of allocation of resources and distribution of income what it means attaining Pareto-efficient allocation of resources that improves social welfare. The paper analyses the function and mechanism that the allocation of organizational controlling rights has on corporate governing objections under the condition of the imperfect of financial contracts and reveals mutual relationships between innovation and corporate governance of high-tech enterprise and approach to mechanisms among corporate governance, performance and competitiveness.The current corporate governance theories focus on their discussions on allocation of resources and distribution of income instead of value creation. However, innovative enterprise theory puts emphasizes on innovation. Generally speaking, there are two aspects that guarantee enterprise innovation. Inside enterprises, the establishment of scientific enterprise regulation and innovation-oriented corporate governance mechanism is needed, as well as financial support and human capital investment. And outside the enterprise, healthy capital market, good social conditions, financing system and market environment are all needed. Based on analysis of performance evaluation by Balance Scorecard, we give an overall evaluation from aspects of financial performance indexes and non-financial performance indexes aiming to make an approach to establish an effective corporate governance pattern that can be beneficial to the innovation of high-tech enterprises.