Research On The Relationship Between Corporate Governance And Enterprise Value Of High-tech Corporation

A perfect corporate governance system is a basic prerequisite to achieve sustained economic growth and improve the efficiency of the economic system.A great corporate governance can not only reduce the cost that shareholders entrust managers but also perfectly coordinate among all stakeholders of enterprises.In the past 20 years,the corporate governances of Chinese enterprises has achieved a certain development.However,the corporate governance structure still remains serious problems,which restricts the improvement of enterprise performance.Corporate governance is also known as corporate governance structure.In this paper,from internal aspects,we study supervision and balance mechanism from owners to managers.Shareholders and managers are positioned to assign responsibilities and authorities reasonably.A narrow objective for corporate governance is to improve shareholder values in the premise that the interests of shareholders cannot be violated.In this paper,we study the fundamental theory of the corporate governance.Moreover,we review literatures about corporate governance structure and values of high and new technology enterprises in domestic and abroad.Based on theory and previous literatures,we make some assumptions about the relationships between corporate governance structure and values.Statistical samples are listed high and new technology enterprises before December 31,2016.In additional,data from 2014 to 2016 is applied to do the empirical analysis by statistical methods including descriptive statistical analysis,correlational analysis and regression analysis.The results of our empirical analysis show that(1)sum of the top 10 shareholders' share ratio(CR10)positively correlates with values of enterprises.(2)the ratio of the second to fifth largest shareholder shareholding to the first big shareholder shareholding A is not correlated with values of enterprises.(3)the first three executive compensation positively correlates with Tobin's Q.(4)the proportion of shares held by executives GC positively correlates with values of enterprises.(5)the number of board is not correlated with values.(6)the proportion of independent director in a board of directors(DB)positively correlates with values of enterprises.(7)there is not any remarkable correlation between the board director holding a general manager concurrently and values of enterprises.Base on the above analysis,proposed suggestions are shown as follows :(1)High-tech enterprises should maintain proper concentration of equity,and large shareholders should actively exercise the responsibility of supervision.(2)Establishing manager marke,at the same time,the enterprise should implement the incentive mechanism which combines short-term incentive and long-term incentive.(3)Establish strict conditions for the appointment of directors,determine the number of boards most suitable for the enterprise and enhance the independence of independent directors.