An Empirical Study On Governance Character And Performance In Listed Company Of Liaoning Province

Since 1980s, with the great change of situation and operation of the modern enterprise, the research of the management of modern enterprise has raised worldwide attention. In economy market, the number, size and effectiveness of the listed companies, to some extend, could reflect the overall development of the enterprises in certain region. The listed companies in Liaoning province play a vital role in the whole economic pattern. Therefore, it is significant to implement a research on the governance characters and performance, which would inevitably contribute to the enhancement of management skills and improvement of effectiveness and trigger a new boom of the economy of Liaoning province.This paper mainly completes the following tasks: firstly, with the reference of related literature about enterprise management, my paper come out with some points about the management, effectiveness and the standard of efficiency of modern enterprise. Secondly, my paper thoroughly analyse the listed companies in Liaoning province to find their feature in appearance and governance. From the appearance, we can know the register time is in sync with the national pace and there are mainly manufacturing industries. Although size of the total asset is more and more larger, the company's performance is still gaps with the national average level. From the governance characteristics, it is mainly manifest that the high concentration of equity, the low checks and balances of equity, the role of the board of directors and board of supervisors is limited, the single structure of manager layer's compensation and the lack of institutional investors'participation. Thirdly, through the empirical analysis of listed companies'the governance features and the performance in Liaoning province, we find the keys to impact of performance of listed companies in Liaoning province, namely the state-owned share is negative correlated to Tobin's Q Ratio; Two variables indicators of equity concentration are all negative correlated to Tobin's Q Ratio; The shareholding proportion of executives from the second to the fifth largest shareholder and the largest shareholders is significantly positively correlated to Tobin's Q Ratio; General manager's annual salary is significantly positively correlated to Tobin's Q Ratio; Institutional investors are significantly positively correlated to Tobin's Q Ratio. Forthly, by comparing and learning the experience from the developed countries, such as the British, the USA, Germany and Japan, this paper put forward some proposals to perfect corporation governance of listed companies in Liaoning province. We should perfect our option structure; strengthen supervisory role of the board of directors and board of supervisors; implement reasonable share right incentives for the managers; make plan to attract the investors and encourage the private enterprises to register to be listed companies.The conclusions and relevant recommendations will provide actual value reference to advance the level of corporation governance of listed companies in Liaoning province.