Research On Influence Of Corporation External Governance Mechanism On Enterprise Performance

Corporate governance and enterprises performance has always been the academic and pragmatic world attention, there have been many researches on influence of corporate governance to enterprise performance, but the studies about the external corporate governance'impact on enterprise performance are less. This result in a great number of large scale and seemingly performance excellent company crashed down in one night when it is hurt by the factors of external government. It have shown that these companies who can react effectively to the external government factors always have good internal government, and their financial risk generally very low. This paper make a breakthrough that the existing research only focused on the internal government mode, study from the angle of external government of the influence on enterprise performance.This paper studies the relationship between external governance mechanism and enterprise performance, and discusses what effect the external government mechanism will produce on enterprise performance. Firstly take the discussion and evaluation on the related theory and researches, then put forward hypothesis, and constructs agent variables of the external governance mechanism and enterprise performance. This article chooses the manufacturing enterprises of listed companies of China as empirical research samples, takes regression model for the empirical test of external government mechanism and enterprise performance.The results of the study show that external governance mechanism has a certain impact on enterprise performance. included:borrowing proportion and enterprise performance are negatively related, salary payable proportion and enterprise performance are positively related, accounts receivable turnover and enterprise performance are positively related, the external audit opinions and enterprise performance are positively related, government regulation and enterprise performance are negatively related, and the result is significant, and the accounts receivable turnover is not significant with enterprise performance, it shows that there need a further study of the customer's influence on enterprise performance.