Research On The Governance Of The Board Of Directors Of Listed Companies In Northeast China

As the cradle of China' industry,the old industrial base of northeast China is abundant and rich in human resources,but with the deepening of reform and the establishment of market economy system,the economic development lags far behind the coastal areas.The three northeastern provinces were ranked sixth in GDP growth in 2016,Liaoning has experienced negative growth.The economic development situation in northeast China is quite grim,there are many factors,such as constantly losing talented people,lacking of innovation ability,depleted resources,one important factor is stateowned listed companies.In the governance structure of state-owned listed companies,board governance plays a key and central role.The quality of the governance structure of the board determines the effectiveness of the board's operation,affect the performance of listed companies in the end.Based on this background,this paper selects 67 state-owned listed companies in the three northeastern provinces,data samples from 2010 to 2016,based on principal-agent theory,modern butler theory and property right theory,using SPSS20.0 statistical analysis software.The governance of state-owned listed companies is analyzed based on the view of governance efficiency,from organizational structure,incentive mechanism,supervision function,stability and behavior,selected the board size,independent director ratio,board salary,independent director allowance,the director of the shareholding,committee setting,manager turnover and board meeting,add the control variable CEO power in the end,further study on the relationship between board governance and performance under the influence of regulation variables.Empirical results show that,the proportion of independent directors is negatively correlated with performance,board salary is positively correlated with performance,independent director allowance and director shareholding are positively correlated but not significant,the board size,committee setting and manager turnover are negatively correlated with the performance,the number of board meetings is irrelevant to performance.Based on empirical analysis,this paper presented the path selection of board governance and suggestions for improving governance efficiency.The results of this paper hope to provide practical reference for revitalizing northeast old industrial base,providing empirical data to guide the development of state-owned listed companies in northeast China.