Based On The Angle Of Corporate Governance Structure Of The Financial Crisis

Financial crisis in the economic field research is an important issue. Enterprise financial crisis broke out, not only would jeopardize the enterprise's own survival and development, and damage to shareholders, creditors and the interests of workers, but also in the capital market under the effect of the financial failure costs to the public, resulting in a wide range of social impact. Therefore, the excavation of financial crisis, deep-seated reasons for the protection of the interests of corporate investors and creditors for the company's management to prevent the financial crisis, the Government's management monitors the quality of listed companies and securities risk, have an extremely important practical significance.In today's increasingly complex economic environment, leading to financial crisis that occurred for many reasons, but the failure of corporate governance occurred at the root causes of financial crisis. Because of the inefficiency of corporate governance will make the management of the power of the lack of supervision and checks and balances, the resulting agency costs will make a huge financial crisis that occurred at the possibility of greatly increased. Hence, the introduction of the financial crisis corporate governance research can theoretically in-depth analysis of the financial crisis that occurred at the deep-seated reasons for which both regulators, or investors, or is a listed company itself, are of great significance.In this paper, identification of financial crisis as its theme, the first financial crisis of the predecessors in the field of identification and prediction made by the contributions and achievements of a comprehensive review, and the mainstream of the financial crisis at home and abroad to conduct a comprehensive analysis of predictive models. Through years of research, many scholars have a large number of financial ratios have been screened out a number of relatively effective predictor of financial ratios, while the vast majority of the financial crisis forecasting model based on these financial ratios is established. To this end, in the evaluation and analysis of the company's financial position, this paper will draw on the former people's research results.At the same time, in summarizing the basis of the theory of corporate governance, this article from the ownership structure, board structure, these two angles, analyzing structural changes in corporate governance for the cumulative effects of the company's financial position, and through empirical research of the method validation changes in ownership structure trends, trends in board governance structure and trends in the company's financial position relationship between the financial crisis identification and proceed to provide a new approach, but also wish to put forward a number of related recommendations to improve their corporate governance structure.Compared with the previous studies, this paper focus on the perspective from a longitudinal study dynamic structural changes in corporate governance and financial crisis in the relationship between the more detailed analysis of the financial crisis that occurred in the process of deterioration of corporate governance arising from the role with a view to This study makes conclusions and recommendations of listed companies, government regulatory bodies, as well as investors have a certain referential significance.Full-text is divided into five chapters.The first chapter describes the research background of this article and research significance, and from the financial crisis at home and abroad related to the research and the financial crisis and the relationship between corporate governance research literature review of two angles, and then pointed out the idea of this research and research methods:research idea is to From the ownership structure and board governance structure to analyze both in terms of structural changes in corporate governance for the cumulative effects of the company's financial position, through empirical research methods to verify the trend of ownership structure, board governance structure changes in trends and trends in the company's financial position the relationship between; research method is normative analysis and empirical research combining the analysis of the financial crisis and related theories of corporate governance, based on the use of multiple linear regression equation for the first time that year announced the implementation of special handling of the structural changes in the governance of listed companies and financial conditions change into the correlation between the regression analysis. Concluded that this is the study of innovative ideas and sample data from the interception of the focus point of the vertical-depth analysis of structural changes in corporate governance and financial crisis in the relationship between the time-varying characteristics; in the corporate governance structure, choice of indicators, using the "Independent, directors of the number of separations," this indicator to measure whether the board of independent directors to effectively exercise its mandate.Chapter II first corporate governance, corporate governance structure of the relevant concepts and related theories are analyzed, pointing out that this view: corporate governance include the company's internal governance mechanisms and external governance mechanisms, and to serve as the company's corporate governance structure, the role of internal governance mechanisms, namely, shareholders, board of directors, supervisors, and management powers and duties of reasonable configuration. It then describes some of the financial crisis, related concepts and the formation mechanism of the financial crisis, given the definition of this paper pointed out that the corporate governance structure can not effectively run the financial crisis, one of the root causes of the formation. In conclusion, this paper also pointed out that domestic and foreign research and integration of the actual situation of Chinese enterprises on the basis of listed companies will be "special treatment" (ST,* ST) is defined as the company had "the financial crisis." Finally, ownership structure, board structure, management incentives, corporate governance structure changes and the relationship between the perspective of the financial crisis, the related theoretical analysis to explore the corporate governance structure and corporate performance as well as the financial crisis that occurred at the relationship between the probability of which focus on the trends in ownership structure, board governance structure changes in trends and trends in the company's financial position of the intrinsic relationship between the normative analysis.Chapter III of this paper some empirical assumptions and model building. This chapter begins with mainland China's Shenzhen and Shanghai on January 1, 2002 or January 1,2003 listed in 2008 or 2009 were first announced the implementation of special treatment as a sample of listed companies and in accordance with the previous two chapters presented the theoretical analysis of ownership structure and financial crisis, the board structure and financial crisis and the board of directors incentive and assumptions related to the financial crisis. Then the indicators of financial crises and corporate governance structure, choice of indicators:From the profitability point of view differences in selected indicators of the net return on assets, from the perspective of operational capacity of selected differences in the total turnover index of assets and liabilities from a solvency point of difference was selected indicators, ability to select from growth point of difference between the rate of capital accumulation indicators of these four indicators as indicators of financial crises, namely the empirical model are explanatory variables; from the perspective of ownership structure differences in degree of concentration of selected indicators of equity and equity-index difference in the degree of checks and balances, from the management incentive ownership percentage point difference in the election management indicators, structural indicators from the board of independent directors select the number of separations indicators and whether the part-time chairman and general manager of the two functional status indicators were set up as the five indicators of corporate governance indicators, namely, the interpretation of empirical model variables. Finally, above the five corporate governance indicators as explanatory variables, the establishment of four multiple linear regression model consists of inspection of corporate governance changes and changes in net assets yield the relationship between the empirical model to test the corporate governance structure changes and the total assets of turnover rate of change in the relationship between the empirical model to test the corporate governance structure changes and the relationship between changes in asset-liability ratio of the empirical model and testing of structural changes in corporate governance and capital accumulation rate changes in the relationship between the empirical model, in order to examine a sample of listed companies corporate governance changes in the structure of their financial situation changes,Chapter IV for the empirical analysis section of this article. This chapter first to use statistical software EVIEWS3.1 sample of listed companies, four of the financial crisis indicators and five indicators of corporate governance structure changes during the mission by changes in the circumstances of the minimum, maximum, mean, standard deviation, as well as the cumulative number of separations of independent directors carried out descriptive statistical analysis, and samples of firms with five explanatory variables as indicators of corporate governance structure correlation analysis, obtained from the relevant circumstances there is no serious results. And then test the corporate governance structure changes and changes in net assets yield the relationship between the empirical model to test the corporate governance structure changes and the relationship between changes in total asset turnover ratio empirical model to test the corporate governance structure changes and the relationship between changes in asset-liability ratio of the an empirical model and testing of structural changes in corporate governance and capital accumulation rate changes in the relationship between the empirical model stepwise regression, excluding statistically non-significant explanatory variable, identify the most suitable for the analysis of independent variables to explain the variable combination of test variables, again a significant1 regression equation to test (F test), and regression coefficient, significance test (T test). Finally arrive at empirical results:refusal to share the, improvement of the degree of concentration will increase the probability of a crisis the company assumed the management holdings increase in the proportion of listed companies will reduce the probability of occurrence of financial crisis, the assumptions and chairman and general manager of two grade-one will increase the listed companies assume that the probability of occurrence of financial crises; acceptance of other shareholders of the controlling shareholder equity balance the weakening of the ability of listed companies will increase the probability of financial crises at the assumptions and the more frequent replacement of the independent directors of listed companies in financial crisis, the greater the probability of assumptions, and The empirical results obtained give a detailed explanation.Chapter V with the empirical findings of the study to compare the previous theoretical analysis, combined with the specific conditions listed companies, the main conclusions drawn and recommendations of this article. First, the results of this chapter, the basis of evidence accepted by the assumption that concluded: Because the other shareholders to accept checks and balances of the controlling shareholders equity will increase the capacity of the weakening of the listed companies assume that the probability of financial crises, so come to share the failure of checks and balances is a listed company in financial crisis important reasons for conclusions; because they have received more frequent replacement of the independent directors of listed companies are in financial crisis, the greater the probability assumptions, arrive at the frequent turnover of independent directors of listed companies is a sign of financial distress tend to conclusions. Could serve as a basis for concluding corporate governance structure changes and between changes in financial position of the law put forth the proposal with reference to the value of equity, including how to strengthen checks and balances to improve the ownership structure and how to improve the status of independent directors of enterprises, improve the board of directors system 2:00. Finally pointed out the limitations of this study prospects, highlighting the models included in this article has not yet considered the impact of companies to enter the financial crisis and even policy-related factors, the economic cycle factors, asset size, and in which industries In addition to corporate governance, institutional factors that factors other than This may have some empirical results on the impact of the inclusion will further increase the authenticity of the information, and improve the model of the recognition of the financial crisis.