Board Structure, Incentive System, Ownership Characteristics And Performance

In recent years, with the rapid development of China's capital market, the implementation of the registration system, and the number of listed companies constantly growing, the status of listed companies in the national economy improved gradually. After entering the capital market, the company will face many problems of governance, such as board structure, incentives, ownership structure. Existing research results agree with board structure, incentives, ownership structure will affect the company's operating performance, but what kind of board structure, incentives, ownership structure better able to adapt to China's listed Company development?Most of the existing research adopted individual indicators to evaluate the operating performance of listed companies, which is quite simple and limited, and there are not many indicators for evaluation at the same time. Furthermore, most of the study fixed effects model of panel data, and no good solution within the model nature of the problem, and therefore the estimated results are usually biased. Also, most of the research is just research board structure, incentives, ownership structure of the company's operating performance single-acting, no operating performance feedback board structure, incentives, ownership structure to explore and validate against. Only after the elimination of internal panel data and co-linear nature, in order to make the model more accurate estimation of the results; only a clear operating performance after the board structure, incentives, ownership structure of the feedback effect, in order for the board structure and operating performance, incentives, put forward specific recommendations dynamic ownership structure between endogenous problems and promote the healthy development of listed companies. In this paper, six-year panel data for 222 listed companies, a total of 1332 valid samples observation points, first through the board structure, incentives, ownership characteristics and operating performance of the literature review and synthesis, to understand the board structure, incentives, equity characteristics of mechanism of operating performance; the sample data were statistically analyzed to understand the sample data relevant circumstances and, secondly, to establish a fixed effects model the fixed effects model and with instrumental variables to model the amended preliminary preliminary estimates and endogenous, create a dynamic panel data model, good control of the endogeneity data, correlation analysis board structure, incentives, ownership characteristics and operating performance, and correcting biased estimate endogeneity problem; then, explore and verify the performance of the company board structure, incentives mechanisms ownership characteristics feedback effects; Finally, based on the empirical results of dynamic panel model and feedback effects, explain corporate governance-related variables and operating performance of mutual and balanced process, the corresponding mechanism of action, and put forward suggestions on China's listed companies business development management and the Pre-IPO companies is significant.