Research On The Relationship Among Board Independence,Ownership Structure And Corporate Performance

With the introduction of advanced management concepts and the establishment of modern enterprise system,the corporate governance structure of Chinese enterprises is gradually improving.Good corporate governance plays an important role in attracting external investment,reducing operational risks and improving business performance.However,for each enterprise,the different environment,organizational characteristics of different,will affect the choice of corporate governance structure,will also affect the governance structure and the relationship between corporate performance.This importance and complexity of corporate governance makes corporate governance a focus of domestic and foreign enterprises,academics and governments.Board independence is an important factor influencing the role of the board.Most of the research focus of the existing research focuses on the study of the impact of a single governance mechanism on corporate performance,with little regard for the interaction between different governance mechanisms.Therefore,this paper attempts to put the independence of the board of directors,ownership structure and corporate performance in the same framework,to explore the ownership structure of the independence of the board and the relationship between corporate performance.This provides some reference for the future research and provides theoretical suggestions for the optimization of corporate governance structure in China.It helps enterprises to see the ownership structure of the board of directors when choosing or adjusting the corporate governance structure.To influence,so that from a more comprehensive perspective to consider what kind of governance structure can make the enterprise better performance.This paper first reviews and combs the basic theories related to this research andthe previous research results.On the basis of sorting out the research ideas and achievements of the predecessors,this paper reorganizes the research ideas and puts forward the theory of this research Framework and research hypothesis.In order to verify the hypothesis,this paper to 1389 Shanghai and Shenzhen listed on the A-share companies listed as a sample,collected sample companies from 2007 to 2015,corporate governance data and financial data,the use of excel2007,spss19.0 and stata12.0 Data were analyzed empirically.Through theoretical analysis and empirical analysis,this study draws the following conclusions: There is a significant positive correlation between board independence and corporate performance.The ownership structure has a moderating effect on the relationship between the independence of the board and the performance of the firm.Specifically,the proportion of state-owned shares and the concentration of equity on the relationship between the independence of the board and the performance of the company there is a negative adjustment effect.The higher the proportion of state-owned shares,the less the positive correlation between the independence of the board and the performance of the firm.The higher the degree of ownership is,the less the positive correlation between the independence of the board and the firm's performance.There is a positive effect on the relationship between the independence of the board and the performance of the firm,that is,the higher the equity of the firm,the stronger the positive correlation between the independence of the board and the performance of the firm.While the proportion of executive holdings has a negative impact on the relationship between board independence and corporate performance,but it is not significant.The empirical results of this paper confirm the interaction between various corporate governance mechanisms.In considering the efficiency of a corporate governance mechanism,we can not consider only the role of the mechanism itself,but rather take into account the impact of other mechanisms on the mechanism.On this basis,this paper puts forward some suggestions on how to improve the performance of the company.For example: establish and perfect the independent director system and optimize the ownership structure in the enterprise.