Research On Corporate Governance Of Listed Companies Relaxation Effect On The Budget

In this paper, from the angle of corporate governance of budgetary slack, the theoretical basis for the control of agency theory and management theory. According to the principal-agent theory, the company can be seen as a simple contract network, principal and agent is the person signing the contract network. The shareholders of a company is the contract network client, the board of directors is the contract network of agents, agent behavior here is self interest oriented, that is rational (or rational). Therefore, the agent will be in the process of budget formulation and implementation to overestimate or underestimate the cost of profit. Starting from the management point of view of the control theory, company management control system will be with different levels of change, while different, but related necessary management control system among various levels, and have decisive effects on the budget management control is the corporate governance, because the first level of corporate governance is the internal control system of the company, or is the first of the superstructure, which determines the decisive role of budget management control. Therefore, a basis is the management control theory research on budgetary slack.At present, many scholars research budget people in our country, but the corporate governance from the perspective of budget slack scholars less, study is the most comprehensive is the Pan Fei et al. Domestic scholars for the study of budget slack really made a lot of achievements, but also exists some limitations. Most people are to study the budget slack from the view of information asymmetry, side effect problem even able to find the causes of budget slack does not fundamentally solve the problem of budget slack in the budget--. In this paper the study of corporate governance structure from the corporate governance structure (mainly the ownership concentration, feature of the board of directors, executive characteristics) effects on budgetary slack.Through empirical research, the industry on the basis of considering time,, company size and financial risk, governance structure and the relationship between budgetary slack research company. But information disclosure current budget is not mandatory, therefore, in order to gain access to the budget data can only be disclosure of the annual budget resources in Shenzhen and the Shanghai Stock Exchange listing Corporation. The authors looked at more than2000listing Corporation, won the effective data for3years. Collect relevant data and other company performance and financial condition of the primarily through the GTA CSMAR database. Spass17.0use of statistical software for data analysis, the study found:(1) Ownership structure:the degree of budget slack by an important positive impact on budget slack nature of controlling shareholders, the state-owned listing Corporation is significantly higher than that of non state owned listing Corporation; the other shareholders suffered a major negative impact on balance function; nature is the controlling shareholder positively significant influence.(2) in terms of board characteristics:the degree of slack budget significantly affected negatively by the board structure variables that were significantly higher proportion of independent directors of the lower level of budget slack Company; directors’ remuneration by the positive impact of variables; been two jobs concurrently case significant positive impact that the company chairman and general manager of two samples from the same person as the office, the budget will be significantly higher than the degree of slack samples chairman and general manager of the two roles separate.(3) Features in the administration:influenced significantly positive relaxed budget and number of executives; executive ownership is the major negative impact variables, as a positive effect of variables on executive compensation.Finally, on the basis of empirical research, according to the empirical results considering the actual situation of the company’s business, and put forward reasonable suggestions...