Research On Approaches To Promote Board Governance Performance Of Central Enterprises

In the rapid development of the global economy, state-owned enterprises, as the main basis and key strength of China economic development, their competitiveness relates to the overall competition ability of the national economy level and the comprehensive national strength. In the face of rapidly changing market competition environment,if the state-owned enterprises keep a good business performance, the high efficient board of directors has become an indispensable condition and guarantee. The board has become the core of corporate governance organization which is the key factor for the sustainable development of enterprises.The article, reviews the corporate governance theories, which includes the Principal-agent theory, Resource Dependence theory,Stakeholder theory and the theory of Insider Control, respectively explaining the function, status and importance of the board of directors in corporate governance from different aspects. Also,the article summarizes the typical mode of board governance, including Britain and the United States pattern, Germany and Japan pattern, and southeast Asia family pattern, and then explain the development of China’s state-owned enterprises listed holding company. They indicate certain reference significance of governance structure towards the board of directors of the state of our country. In the end, take China Aerospace Science and Technology group holdings six companies as samples, listed on Shanghai and Shenzhen. It gives a detailed analysis on the board of directors of thecompanies from the present situation of board governance(including group company profile, ownership structure, board governance, the operations and incentives of the board of directors) and the effect of board governance,respectively adopting the analysis of the financial performance and non-financial performance indicators. It sums up the present management situation, the characteristics and disadvantages of in the light of the problem of generality and particularity, mines the cause of the problems, such as: the board of directors of the high agency cost, the lack of ability and lack of management punishment mechanism to board members, and finally,from the external management environment and the internal management system,puts forward some effective ways to promote board governance performance of listed companies controlled by China Aerospace Science and Technology Corporation.