Empirical Research On Corporate Governance Premium Based On Chinese Manufacturing Listed Company

Global financial crisis happened in2008have had far-reaching influences,the international community and national regulators went into reflection.Many people of insight thought that corporate governance mechanismimperfect is one of the roots caused the2008financial crisis In addition tolack of supervision and financial excessive innovation. It is particularlyimportant for the enterprises to establish scientific and effective corporategovernance mechanism. After the financial crisis，the research on corporategovernance quality seems to be particularly important, especially usingcomprehensive evaluation systems to analyze manufacturing listed companies’corporate governance premium.In this article, I use data of377manufacturing listed companies from2007to2010as a sample. Using Factor Analysis to extract from15corporategovernance variables of five dimensions like the ownership structure, equityconcentration, the board of directors and shareholders, executive and board ofsupervisors to a comprehensive corporate governance index. Throughempirical analysis method, this paper analyzes the existence of corporategovernance premium, correlations of each dimension corporate governanceindex and the enterprise value，The results of the study show that: the generallevel of corporate governance and enterprise value are related, Chinesemanufacturing companies have governance premium; Supervisors andexecutives shareholding, top three executive pay factors and the enterprisevalue are significantly related; the share concentration ratio, directors’independence, meetings of shareholder conference board of directors andsupervision committee is not significantly associated with the enterprise value;Of the Control variable, sales revenue has significantly positive correlationwith enterprise value，asset size has a negative correlation with enterprisevalue, financial leverage and enterprise value do not have significantcorrelation.