Corporate Governance Structure And Performance Of The It Industry Research

Through the empirical analysis of the relationship between the corporate governance structure and performance of IT listed companies in China,this article tries to reveal the mechanism of how the corporate governance influence performance,and to find out the ideal model of corporate governance and points out the appropriate policy suggestion.Using SPSS and Eviews statistical software analyses the factors influencing performance of IT listed companies empirically by adopting description statistic method,correlation analysis method and panel data model method. The performance variables are CPM,ROE and Tobin'Q,ROE The three indexes can makeup each other well.The analysis of fixed effect and random effect of the three equations above educes conclusions as follows(1)In the aspect of ownership character, the campony of state share holding with CPM present significant negative correlativity,but positive correlativity with ROE.(2)In the aspect of ownership structure, the share holding ratio of the first shareholder with CPM present significant negative correlativity but positive correlativity with ROE;Centralization degree of ownership with CPM shows positive correlativity but negative correlativity with ROE.(3)In the aspect of board,scale of board with ROE present positive correlativity.The setup states of board chairman with CEO have different performance on the three finance index.(4)In the aspect of incentive system,the cash reword of top manangers with ROE and Tobin'Q show positive correlativity,but for the senior managers in IT industry,they don't satisfy with the share holding incentive way,research show that the index of share holding of manager with company performance prent negative correlativity(5)In the aspect of the board chairman character, his age and educational background with company performance prent significant negative correlativity.At last,the paper gives out several suggestions about the corporate governance reform of IT listed companies in our nation basing on the results of analysis:1)in the aspect of ownership character,listed companies should cultivate effective body of state share holding;2)in the aspect of ownership structure,they should adjust the structure gradually,decrease the share holding ratio of the first shareholder and increase the centralization degree of shareholders except the first shareholder;3)the number of directorates should be odd and the scale of board should be enlarged reasonably;4)cash reward shoud be strengthened all of the top mananger and the share holding ratio of senior managers should be controlled by adjusting their locked period in the aspect of incentive system;5 ) the creation mechanism of board chairman should be consummated,the younger candidate should be preferred on a par qualification.