A Study On The Relationship Between Corporate Governance And Financial Performance Of Listed Companies In Xinjiang

Corporate governance structure is mainly reflected in four aspects,namely,ownership structure,board characteristics,board size,management incentives.The ownership structure and board characteristics between the differences reflect the different nature of stakeholder interests and value orientation in the listed company,the interests and value orientation will have a direct role in corporate governance,thereby affecting the company's operating conditions,so the ownership structure and board characteristics is the premise and basis of corporate governance.And the board of supervisors to form certain restraint and supervision of the management of the company,management incentive is helpful to work diligently management obligations,to the internal information timely and full disclosure,especially timely containment,constraints on the related transactions exist,to protect the rights and interests of small investors.Based on the public data of governance structure and financial performance of Listed Companies in Xinjiang,this paper selects four dimensions of corporate governance structure to analyze the relationship between corporate governance and financial performance of Listed Companies in Xinjiang.With the help of principal agent theory and incentive theory,this paper analyzes the quantitative indicators and the degree of the four dimensions of the governance structure of Listed Companies in Xinjiang,and studies the influence mechanism of these four dimensions on financial performance.The factor analysis on the perspective of value creation,from the company's cash flow and the expansion ability to determine the comprehensive consideration of the financial performance evaluation system,which is identified as explanatory variables;selection of ownership structure,board characteristics,board of supervisors,management incentives related indicators as explanatory variables,through multiple regression,and the financial inspection the performa nce of the association.The study found that: the ownership concentration,the proportion of independent directors and the management personnel independence and financial performance is positively correlated and significantly;annual salary of executives and financial performance,showing a positive correlation,but not significantly;the proportion of tradable shares,the number of directors,two positions,the size of the board of supervisors,the number of shares accounted for no relevance and financial performance.From the optimization of ownership structure,perfect the construction of the board of directors,board of supervisors,strengthen the functions of management incentives put forward corresponding suggestions in four aspects,and then promote Xinjiang listed companies to improve the governance structure,improve the overall financial performance.