Private Listed Companies Board Of Directors Governance Efficiency Factors

Along with China market economy deepening and privately operated reform unceasing advancement,the quantity of the private listed companies increases progressively year by year. The private listed companies become the noticeable body of the capital market of our country gradually. The private listed companies in the process of operation meet many questions as well as other listed companies, some questions have close relation with these companies' unique corporate governance structure.In practice of the domestic and foreign corporate governance, directorate governance is the core of corporate governance,which play a crucial role in the process of corporate governance.It may balance the benefit conflict between the benefit correlations of the company,and reduce the proxy cost of the company, and promote the performance of the company, and finally increase the value of the company.This paper studies on influence factors of directorate efficiency of the private listed companies.Pay attention to how does the structure,the behavior and the drive of the board of directors affect the directorate efficiency.Using a sample of 262 private listed companies on Shanghai and Shenzhen Stock Exchanges during the period of 2005, and using statistical methods such as factor analysis, correlation analysis, regression analysis, this paper makes a empirical study on directorate efficiency of the private listed companies. The linear regression model and curve estimation model between influence factors of directorate efficiency and the company achievement and the company value are established. Results of this study show that, the board of directors scale with the company achievement and the company value present the anti-U correlational relations;the proportion of the independent trustee with the company achievement present remarkablly negative correlational relations,it does not have the remarkablly correlational relations with the company value; two duties gathered one with the company achievement present remarkablly positive correlational relations, it has not significant relations with the company value; the establishment of the specialized committee and the number of board of directors conference with the company achievement present remarkablly negative correlational relations,with the company value present remarkablly positive correlational relations; the proportion of holding the stock of the trustee with the company achievement and the company value have remarkablly positive correlational relations.In the end, we propose the measure to enhance the directorate efficiency of the private listed companies. For instance,establish the reasonable scale of the board of directors,maintain a suitable proportion of the independent trustee, gather the two duties of the chairman and general manager to one, consummate the specialized committee system, avoid passively holding the board of directors conference, increase suitably the proportion of holding stock of the trustee.