Empirical Research On China Enterprise Group Of Integration In Perspective On Corporate Governance

With the2009GEM open in less than two years, the GEM market in China along with alot of decline in performance, false statements, stock break, super-raised serious executivesleave the cash phenomenon, not just executives, directors, supervisors there are also leavingcash, these people leave cash phenomenon the release of the company’s share price may beoverestimated signal to the outside world. A large number of executives leaving cashphenomenon reflects the internal corporate governance in poor condition, a series of questions.Some of the company’s the departing staff was not cash, and in the company’s announcementmostly due to their own reasons and resigned as an independent director positions. However, alarge number of studies have shown that China’s GEM quite large, the amount of the overallcash holdings, a series of problems that China’s GEM market problems need to be resolved assoon as possible.Independent director system is part of the corporate governance mechanism. Researchindicates that the independent director system has a positive system effects, such research isbasically that the system of independent directors of listed companies to protect theshareholders’ equity of small and medium investors, constrained behavior of corporateinsiders, reduce agency costs, prevent fraud fraud, especially the annual The financial tablesand reports has the positive effect of the system. The establishment of the independentdirector system and to the improvement of the corporate governance system, most countriesthe introduction of this system, related studies have shown that this system has a positiveeffect of the system in terms of company law-abiding to reach a consensus. Related researchis mainly based on the characteristics of independent directors has to start analysis, such as anindependent director of government relations, education level, the numbers and percentages ofthe Board of Directors, manifested in different companies different. The characteristics of thedifferent functions of independent directors play has a direct impact, the impact to thecompany’s governance, which will indirectly affect the external environment of the companyemployee turnover cash, leading to resignation cash phenomenon. Select2010117independent directors of companies listed on GEM as a sample for the different characteristicsof the independent directors, the development of twelve of the more important researchhypotheses, and its quantification, where an internal leaving cash The phenomenon relatedanalysis, the conclusions of the independent director system design. In addition, by Constructing a distinction regression model, according to the characteristics of theindependent directors of the Company determine corporate insiders leaving the possibility ofcash, this way, by the announcement of the Company or the information in the financialstatements, the company’s internal cash in the probability of occurrence of separation roughjudgment, the judgment of the convenience of the investors or the market value of thecompany’s corporate governance, the use of such a judgment basis.