Study On The Relationsip Between Corporate Governance Structure And Corporate Perfomance Of Listed State-owned Coal Enterprise

After many years of exploration and research, great contribution hasbeen made with the reform of state-owned enterprise. It has become theconsensus in the field of state-owned enterprise reform field to establish aperfect modern enterprise system and improve the coordination，effectivenessand balance of corporate governance. As an important energy industry of China,how to further improve the corporate governance structure of state-owned coalenterprises has important significance to the development of the reform ofstate-owned enterprises and national economy. Therefore, the study on therelationship between state-owned coal listing enterprise governance structureand company performance and exploring a suitable corporate governance forlisted state-owned coal enterprise has great theoretical and practical significancefor corporate performance and sustainable development.This thesis takes the listed state-owned coal enterprise as the object of study.The relationship between corporate governance and corporate performance isstudied from three aspects which are shareholding structure, board structure andmanagement incentive. Involved theories of corporate governance is elaboratedbased on the principal-agent theory, the separation of the two rights theory,incomplete contract theory and incentive theory as the basic theories. Based on this, by analyzing the contractual relationship, checks and balances andconstraint mechanism between three elements of corporate governance, theprinciple of how corporate governance effect corporate performance iselaborated. Current situation of corporate governance and performance ofstate-owned coal enterprise is quantitatively analyzed and described combingwith collected data and actual situation. Based on the principle-agent theory, anempirical model of relationship between corporate governance and corporateperformance is constructed. Evaluation system of enterprise performance isconstructed as explained variable by using factor analysis method. Theshareholding structure, board structure and management incentives are chosenas explanatory variables to do regression analysis. The relationship betweencorporate governance structure and corporate performance is explored.Finally, through the analysis of empirical results, statistics of the existingstatus and problems of listed state-owned coal enterprise governancestructure, problems such as too high shareholding concentration, unhealthyindependent director system and lack of long-term management incentive isfound. Based on the problems, countermeasures and suggestions are proposedrespectively from improving shareholding structure, strengthening boardstructure and optimizing management incentives to improve the corporategovernance structure.The innovation of this thesis may lie in the positive response to policy ofthe state about promoting the state-owned enterprises to improve the modern enterprise system. Coal enterprises is an important part of state-ownedenterprises, and the depression of the macroeconomic environment poses aserious challenge for the coal industry. In this thesis, coal enterprise are chosenas an representative object. Taking corporate governance asperspective to explore how to improve the performance and development ofcoal enterprises. This thesis tries to draw the relationship between corporategovernance structure and corporate performance, and then puts forward somepolicy recommendations for listed coal state-owned enterprise based on this.