Enterprise Group Management And Group Performance

Enterprise groups in china's economic play an important role. Currently, the number of groups has increased quickly. And the affiliation of groups are more and more. As the pillar of the national economy, the governance of enterprise groups direct relationship with china's enterprise reform which aim to establish a modern enterprise system. However, there are a lot of questions of groups governance, such as the board mechanism isn't perfect, state-owned shares are too much, board of supervisors can't do their affect and so on. The problem of group government will do harm of group'development. Therefore, the government of group has become a hot problem.At present, the study of enterprise groups is still at an elementary stage.The research of the enterprise groups management mechanisms and its influence factors is not enough,which mainly study in normative,and lack of empirical study. Actually,the group governance is not same as a single enterprise,which must study the affiliation of groups and the balance among them.This article is based on historical and systemic methods to study groups governance,and combine empirical research methods and theoretical study methods,mainly study the present situation and problem and reasons of the groups governance.And through empirical research to test the key factor of governance which affect groups performance. On this basis,we take some suggestions which through improve the groups governance to increase groups performance.This article take 170s whole group listings company and other 170s not whole group listings company in shanghai and shen zhen stock exchange as research sample,and total 1020 samples to examination the relationship between group performance and governance. The results indicate that when a company has business background that can improve performance,in other words, the company's direct or practical controller is group, its can improve performance of the company;the results also indicate that when the group's practical controller is nationalized will be do harm to improve group's performance and values; the scale of the board of directors and the proportion of the independent directors has no direct affects to group's performance and values,and the pluralism of CEO and chairman as the same; the shareholdingratio of the largest shareholder is positive correlation to group's value, but its negative correlation to group's earning power and development ability; the total of the shareholdingratio of the second to the tenth shareholder is positive to group's earning power and development ability; the degree of separation between the control rights and ownership is negative to group's value, but positive to group's earning power. At last, according to the above analysis,we put forward some proposals.