Empirical Research On Financial Governance Efficiency Of Chinese Logistics Listed Companies

With the rapid development of Chinese economy and society,the logistics industry as the representative of the service industry has become one of the largest hot investment,a supporting role for the development of Chinese manufacturing industry and trade circulation industry.At the same time,with the rising of corporate governance research,the research of financial governance efficiency has also attracted many scholars' attention.Logistics Listed companies are the “benchmarking” enterprise in the domestic logistics industry.After more than 20 years of efforts,Chinese listed logistics company has made some achievements,but because of the influence and restriction of various factors,such as the overall development is still relatively slow,financial performance is not good,weak competitiveness and other issues,the existence of these problems in a certain extent by the financial governance is not perfect,resulting in low efficiency of financial governance.Therefore,it is of great significance to study the efficiency of financial governance of Chinese Listed Companies in order to improve the financial performance and enhance the competitiveness of the logistics industry.This paper analyzes the characteristics of the financial governance structure of Chinese Logistics Listed companies and the financial governance efficiency caused by the allocation of financial governance structure from two angles: the financial capital structure and the financial organization structure.The empirical model on the basis of theoretical analysis,using the database of GuoTaian database,financial research database(RESSET)related data from the listed logistics companies of 2007-2015,for the descriptive statistics and regression analysis using Eviews statistical software.The study found that: low debt ratio,high equity concentration,equity balance degree and low effective board of Chinese Logistics Listed companies have good financial governance efficiency;the low long-term debt ratio to a lesser extent to improve the financial governance efficiency of Chinese Logistics Listed companies;the board ofsupervisors and the seting of audit committee to improve the industry the financial governance efficiency of Chinese Logistics Listed companies is not obvious.Based on this,this paper puts forward an effective way to improve the efficiency of financial governance of Chinese Logistics Listed Companies and policy recommendations.