A Study On Internal Governance Impact On The Performance Of Media Listed Companies

Relative to the long-term matured corporate governance in Western developed countries,China's media listed companies face a special institutional background,which leads to a certain degree of particularity in media company governance.The western corporate governance theory may not be adapted in China.At present,with the transition of China's economic system and the need for the reform of state-owned enterprises,the governance of media listed companies is particularly important and internal governance of media companies is the most important issue.From domestic research,the current scholars' research on internal governance is mainly about the impact of a certain element of the corporate governance mechanism on corporate performance.From the three aspects of listed company equity structure,board governance and management incentives.The research on the impact of all the included elements on company performance is rare.In view of this,this article took the public data of 2016 listed media companies,collected and processed relevant data from multiple samples.At the same time,it processed and analyzed,applied the "fuzzy set qualitative comparative analysis method" to apply quantitative and qualitative analysis on an empirical basis.The combined method studies the effect of internal governance of listed companies in China on performance.Through analysis,this paper draws on four high-performance paths and one low-performance path composed of six internal governance factors:equity nature,ownership concentration,board independence,board size,proportion of independent directors,and executive compensation.Through empirical research,this paper has reached the following conclusions.First,listed companies in the media with low equity concentration and low executive compensation are likely to lead to low performance.Second,the characteristics of the board of directors played an important role in the internal governance of media companies.Third,a reasonable combination of different internal governance factors can produce high performance.Based on the empirical research conclusions,this paper puts forward suggestions for improving internal governance and improving performance in the end.Firstly,it will reasonably increase the equity concentration of listed companies in the media and strengthen executive incentives.Secondly,it will improve the operating mechanism of the board of directors,including the rational determination of the board of directors.Also,it should improve the scale and structure and increase the number of high-quality independent directors and strengthen the independence of the board of directors.Finally,it should organically combine internal governance factors to achieve internal adjustment of internal governance.This study also hopes that through the preliminary discussion of these issues,it can provide some reference and reference for the improvement of the performance of listed companies in the media and the reform of corporate governance mechanisms.