Empirical Research On The Governance Structure And Operating Performance Of Listed Companies In China

With the economy globalization, corporate governance is getting more and more attention all over the world, forming a globalization trend. Corporate governance now is one of the most concerning problems for Chinese Securities Regulation Commission (CSRC). Perfect corporate governance is the micro-base for healthy operation of modern market-oriented economy and security market. It is of great significance for economy and finance stability and development. It not only impacts companies and individuals, but also financial system stability, economy growth and capital allocation, and finally the whole society's wealth and welfare. Corporate governance has been one of the most attractive topics in China, and made a breakthrough to some extent. However, the last system is not formed.Improved corporate governance contributes to enhance the companies' performance. Corporate governance's improvement involves several facts such as equity structure, quality of the board, and incentive system for top management. Then, from the corporate government to study the relationship in corporate governance and corporate operation performance has theoretical and practical significance in deepening reform. It is not only the attention to system reform of state owned company, but also the following for development of China's security market, so it is a very good study item which links theory to practice.In the preface, it testifies the relationship in corporate governance and operation performance, expounds research background, significance of this item and methods and logical reason of this dissertation, and meanwhile defines the relative concepts, which would prepare for the following research.Chapter one analyzes the relevance between corporate governance theory and operation performance from theory. It reviews the development and main opinions on corporate governance at home and aboard, and concludes the concepts of it. It contains general analysis of principal and agent theory, controlled by insiders and legal person governance structure, lying foundation for following analysis and model establishment.From chapter two to chapter four, on the basis of corporate governance theory, it testifies the relevance between corporate governance and operation performance by the methods of empirical research. The main quantization parameters in corporate governance are equity structure such as equity share , equity concentration ,salary for top management including holding shares and quality of the board. Performance parameters are Earnings per Share (EPS) and Net Assets Return Rate. It mainly considers that the two parameters are common and one-sidedness is avoided if only one is used; on the other hand, EPS can precisely describe the earning ability per share but not net assets, while Net AssetsReturn Rate is reverse. Then it comes into the empirical research on the basis of empirical results combination with the current situation of security market in China.In chapter five, from the results of chapter two to study the current situation of corporate governance in China, it proposes the practical significance of corporate governance and strategies chosen by Chinese companies. Firstly, it generally studies the current situation of corporate governance system in China and points out the main problems. Secondly, it provides solution and strategies on these problems. Finally, it comes to the conclusion.