The Empirical Study On The Listed Companies' Governance Structure And Corporate Performance

Recently, academic circles at home and abroad have studied on the corporate governance structure,especially on the empirical study on the listed companies'governance structure and corporate performance. All beneficiary subjects have very concerned for improve of corporate performance, because improve of corporate performance can promote the perfect of corporate governance structure. But, imperfect of corporate governance structure hinders the evolving of corporate performance. At present, the conclusions, the study on the listed companies'governance structure and corporate performance, differ from each other from each other, mainly because of each chooses indexes unilaterally. Base on above, the multi-direction empirical study on the listed companies'governance structure and corporate performance becomes extremely important. This paper spreads out exposition starting from this angle.This study not only lessons previous research findings, but also posses own ideas. Firstly, about origin of dates, in this paper industry is divided into low-competitive industry, middle-competitive industry and over-competitive industry by the degree of industry competition. Then, this paper analyzes each industry respectively, and summarized the same and difference about low-competitive industry, middle-competitive industry and over-competitive industry. Chosen samples source from listed companies which marketed in stock-market of Shenzhen and Shanghai in China. According to this method, 403 listed companies dates, which include information of 2006, 2007and 2008, become study objects. Secondly, about selection and analysis of dates, adopt SPSS16.0 to analyze dates. Dependent variables source from comprehensive corporate performance indexes, which are treated by principal component analysis and entropy method. Independent variables source from three aspects: ownership structure, board characteristics and higher managerial officials. Thereupon chose eight dependent variable indexes. The conclusions of empirical study on the listed companies'governance structure and corporate performance are achieved by descriptive statistics, correlation analysis and analysis of variance. Thirdly, put forward suggestions on the improving the listed companies'governance structure, which include optimization of ownership structure of listed companies, perfection of board system, strengthening of supervisory board system and inspiration of higher managerial officials. Lastly, this paper proposes the problems which need studying further.