The Research Of Corporate Governance With Asset Stripping Based On The Institutional Environment

With the external business environment changing rapidly,companies need to constantly make portfolio adjustments to improve its operational efficiency.Since the 1980s,divestitures in our country is increasingly recognized as an effective way of corporate restructuring,which is widely used in the reorganization of listed companies.Through theory and practice,appropriate divestitures indeed enhance their innovation capacity and long-term performance,but to the actual management to reduce business sector through divestitures,corporate managers are unwilling.In recent years,scholars have gradually paid attention to the corporate governance also plays an important role in company’s strategic decision-making.And its core functions has also changed,from the traditional checks transformed scientific development decisions.The role of corporate governance requires a perfect system of external environment,but at present our country market main characteristic performance in each regional market shows economic development imbalance and external system environment is poor.Therefore,in our particular system environment,how to influence corporate governance divestiture decisions need to do further research.Based on the above analysis,this paper will mainly focus on "relationship between corporate governance and divestments" and the "institutional environment impact on corporate governance and divestitures relationship".To solve the above problem,this paper reviews the basic theory and combed divestitures,divestitures decisions, documentation of corporate governance and institutional environment,and then put forward the hypotheses based on the theoretical analysis,then selected 2008-2014 Shanghai and Shenzhen 212 in assets and 218 assets not happen samples as the object of study,the use of descriptive statistical analysis,independent samples T-test,correlation analysis and binomial Logistic regression analysis to test of the hypothesis.Finally,the empirical results show that the main conclusions are:First,state-controlled is not conducive to the development of divestiture decisions;and second,to improve the degree of concentration of ownership plays an active role in decision-making;and third,the chairman and general manager concurrently suppress the occurrence of divestiture decision;Fourth,the management change in favor of divestiture;Fifth,institutional environment can positively regulates the ownership structure,to make interest divestiture decision.The innovation of this paper is under the field of corporate governance and divestiture, focusing on exploring the relationship between the specific institutional environment of corporate governance and divestments.Meanwhile,according to the conclusions of this study, we provide theoretical support and practical significance to improve corporate governance in China and even the construction of the market.