| At the beginning of 1980s, as a category of enterprise management, the corporate governance had appeared. With the development of globalization and the theory ownership right, corporate governance has becomes one of the most important content of corporate theory, and also turns into a vital symbolic factor to measure the competitiveness of one country. Corporate practice in the world has proven that effective corporate governance is an indispensable and strong guarantee for modern enterprises to maintain long term steady development, obtain good performance and maintain effectively interests of shareholders and manager.The manufacturing-listed company is a kind of comparatively advanced organizational for in certain stage. It is the international main stay of the manufacturing in China under the competitiveness of WTO, which can organize resources of products effectively, promote the adjustment of manufacturing structure and improve the industrialization level. With the development of capital market, the manufacturing-listed companies have large proportion in all listed companies. This study on the characteristic of the capital structure and the relevance between the capital structure and performance, which has immediate significance for the manufacturing-listed companies to draw out development strategies, optimize the capital structure, raise the corporate performance, and to intensify the core competitiveness.The paper based on the study reviews theoretical and empirical literatures on governance factors of financial China, focus on the SME Board, which is the most vigorous board in Chinese stock market. By May 31 of 2009 in China, there are 273 listed companies of Small and Medium-sized Enterprise Board, and More than 90%of these listed companies are all controlled by the family. Until now, the researches on taking family holding listed companies as a single sample is very less and most of them use data of 2001 year, which is little, out of date, and lack of convincingness. This text, as studying samples with family's company of manufacturing industry listed on board of small and medium-sized enterprises of Shenzhen before the end of 2006, makes a deeper study on the relationship between SME board listed companies is corporate governance structure and corporate performance. The empirical study of capital structure and performance were carried out by using SPSS software, the impact on company's performance of administration structure of listed company of manufacturing industry of our country carries on the positive research.The idea of this paper is as follows:The definition and meaning; Current situation explanations; Analysis of real example; The suggestion.This paper contains five chapters:Chapter One:PrefaceChapter Two:Literature survey about corporate governance structure and company's performance.This chapter is mainly from structure of stock right, structure of board of directors and administration and supervision authorities'salary, these three respects carry on the summary.Chapter'Three:Current situations and characteristics of the administration structure of listed company of manufacturing industry of SME board.This chapter has introduced current situations and characteristics of the whole manufacturing of our country at first. Secondly has analyzed the current situations and characteristics of the listed company of manufacturing of SME board.Chapter Four:Research supposes and the research modelThis chapter has mainly made the further explanation to every variable of company's administration structure on the basis of studying in preceding chapter, mainly establish the foundation for the positive research of the next chapter.Chapter Five:Real example analysis to that company's performance influences of holding administration structure of listed company of family of manufacturing industry of the SME board and the suggestions.This text is on the basis of studying and drawing lessons from forefathers' relevant research results, incorporate some influenced to company's performance to company's administration structure by oneself to know and understand. Review the full text, the innovation herein lies in:First, Choose innovation on in sample. What domestic and international research mostly direct. Against is listed companies but not listed company of the family. Holding conduct research object of listed company of medium and small board family of our country of this text, analyze its impact on performance of administration structure.Second, Choose innovation on in variable.Third, Innovation on data collection. The literary grace uses 2007 holding listed companies of SME board family,2008 annual report data. So the sample data got are more normal, more reliable, have convincingness even more.In this study, Earning per share (EPS) is chosen as company performance variables, corporate governance is characterized by 12 attributes, which are the cash flow rights, the control rights, the separation rate, the size of the directorate, scale of board of supervisors, independent director's proportion ability that enterprises grow up, chairman and general manager hold the situation concurrently, director supervisor and high to in charge of the total value of the remuneration, the director is the top three salary total value, manage the top three salary total value high, number of times of the meeting of shareholders'meeting; Regard the scope of the enterprise and asset-liability ratio as the control variables studied. The analysis results of the real example show:Performance of listed company of medium and SME board family, which are the BS, CEO, S1, S2, S3, GROW, prominent positive correlation; The results indicate that VR,CR, SR,BT, IND, negatively to the company performance; while the coefficients for the other independent variables are insignificant.We can find out from studying, the research of SME board enterprises has its characterized, there is difference with the research of the listed company of main board in many aspects, such as cash right, control power, independent director's proportion.Suggestion of follow-up study:This text strives to be thorough, objective in whole research. But because of the restriction in factors such as time, ability, material resources, there are weak points. So the following suggestion to subsequent researching and proposing:First, this research is to regard the holding listed company of family of manufacturing industry of SME board as the target of studying, propose follow-up study can be extended to the whole SME board trade, in order to further probe into its difference. Second, in counting the analytical method, this text has only carried on the single factor to analyze, have not carried on pluralism to analyze. In addition, some variables and company's performances may be stored in the curve relation, limited to the ability and time reason, this text has not carried on the analysis in this respect.Because of the limit of experience and research level, the paper needs further perfection. I would appreciate very much if teachers and classmates give me some suggestions. I would go on my research further in this field. |
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