Empirical Research Of The Relashionship Between Control Structure,Characteristics Of The Board Of Directors And Company Performance

A control for the shareholder structure and decision-making mode has absolute decisive role, and for members of the board of directors of the determination and efficiency of impact, and then for the managers of the company affected, the final result of each other fully displayed in the enterprise operating performance and efficiency. The control structure in fact for the composition of the board of directors and the system has a huge impact, resulting in a major impact on the performance and efficiency of enterprises. At the same time, the structure of the board of directors and institutional arrangements can also be based on the board to make a number of variables to describe the characteristics of the board of directors is reflected.The contact of domestic listed companies governance situation, put forward "analysis framework of control structure, board characteristics and corporate performance, mainly to explain the two important problems, one is the board characteristics affect the performance of the company; two is the control structure under the action of the board characteristics what are the effects on Corporate Performance Based on.In the process of writing this paper, the author first carries on the theoretical analysis, mainly through the characteristics of the board of directors and corporate performance, control structure and board characteristics, related theory of the relationship between the control rights structure and corporate performance are 22 factors of domestic and foreign research research two parts introduction and literature review, with the necessary the author of that study, and introduce the research topic. Then the hypothesis test from two aspects, one is the relationship between board characteristics and corporate performance, the two is the relationship between the right of control under the action of the board characteristics and corporate performance based on. Then construct the research model about these two hypotheses, data source analysis descriptive statistics and empirical test, at last.In the empirical analysis from 2010 to 2015 Shanghai A shares of listed companies, this paper found that the characteristics of the board of directors has an important influence on the performance of the company. According to the relationship between board characteristics and corporate performance, this paper selects five variables to board characteristics were analyzed, the independent director ratio (IND), the separation of two rights (state DUAL), the size of the board of directors (BD), the number of meetings of the board of directors' remuneration (MEET) and (POWN), these five variables can explain the characteristics of the board of directors from different angles, can better reflect the characteristics of the board of directors of the real level, therefore, the author selected the five indicators as the substitute variables the characteristics of board of directors, and through empirical study found that:the study found that the proportion of independent directors:IND and ROE showed a positive rate of return on net assets; board size BD and the rate of return on net assets ROE has negative relationship; the separation of two rights and net assets DUAL ROE yield positive relationship, the number of meetings MEET and net assets yield ROE showing a reverse relationship; director of the pay POWN and net asset yield ROE showed a positive relationship.The study found that the relationship between the control rights structure, under the action of the board characteristics and corporate performance based on ownership concentration on the positive relationship between the proportion of independent directors and corporate performance has inhibitory effect; the concentration of the size of the board of directors and company performance, the negative correlation between equity has positive effects on the positive relationship; ownership concentration of two rights separation and company performance is enhanced; the concentration of board meetings and corporate performance:the reverse relationship between equity ownership concentration is enhanced; the positive relationship between the directors' remuneration and company performance has the enhancement.