An Empirical Study On Corporate Governance Structure And Corporate Performance

Along with the economic development of our country,the private enterprise is an important part in the national economy already, it plays an important role in solving the employment problem.the export trade,and so on. In recent years,the benefit of private enterprise is poor, which has many causes, but there is no lack of corporate governance structure in corporate performance. It is practical to study the private enterprises’ corporate governance, which can make our national economy develop sound and fast.This paper,which is based on the corporate governance theory, studies the corporate governance of SME board on the private listed companies. It theoretically explains the ownership structure, board of directors, executive incentives play a corporate governance mechanism, through empirical reveals these private listed companies governance characteristics’effect on corporate performance, and the empirical results to make a new theoretical explanation, summed up the small and medium-sized private listed company special governance mechanism, put forward to improve its governance structure suggestion.This paper mainly completed the following work:First of all, from the concept of corporate governance, corporate governance literature reviews, on corporate governance in three representative theory is summarized, namely property right theory, principal-agent theory, stakeholder theory of corporate governance, puts forward three important questions of corporate governance, namely, ownership structure, board governance governance, incentive problem.Secondly, summarizes the characteristics of private listed company governance structure, the governance structure of the state-owned enterprises is different with. In depth analysis of the corporate governance mechanism of three aspects of performance, which analyses the advantages and disadvantages of shareholder ownership concentration, the cost of corporate governance earnings, the independence of the board of directors’effect on corporate performance, executive incentive way and effect. Again, on the basis of theoretical analysis, to small and medium-sized private listed companies as the research object, select the2008-2010years three years data to corporate governance, equity balance degree, the proportion of independent directors and other eight indicators as independent variables, the rate of return on net assets, Tobin Q value as the dependent variable, a regression model is established, on management structure and corporate performance empirical analysis. Through descriptive statistical analysis, correlation analysis and regression analysis, and gets the following conclusion:(1) these private listed company did not appear state-owned "alone big " malady, but due to the dispersion of stock ownership is beneficial to improve corporate performance.(2) the proportion of tradable shares is still low, to improve the circulation stock proportion is conducive to the company’s future growth.(3) the board governance and company performance does not exist significant correlation, the independence of the board of directors of the company had no significant effect on performance.(4) the incentive of equity incentive to improve corporate performance effect is not big, executive compensation and firm performance significantly related to.Finally, according to the results of empirical analysis, put forward to improve SME board of private listed company governance structure is proposed, including improving balancing to the major shareholders, the implementation of better incentive compensation plan, and so on.lt is hope to improve the corporate governance of private listed companies structure.