Based On The Quantile Regression And Lasso Regression Model, The Influence Of The Characteristics Of The Board Of Directors On The Financial Performance Of Listed Companies On The GEM And The Prediction Research

Corporate governance is the most basic institutional arrangement of modern enterprise system,and a perfect corporate governance structure is the precondition for enterprises to achieve good performance and sustainable development.The first principle of modern corporate governance is that the company is managed under the guidance of the board of directors,which is in the leading position of linking the preceding and the following in corporate governance.It has ultimate responsibility for the operation of the company,and its governance efficiency is directly related to the company's performance and the interests of stakeholders.Due to the institutional factors and the imperfect board mechanism,it is difficult for the board of directors to play the role designed by the system.Therefore,it is urgent to test and discover the governance status of the board of directors from practice.At present,China's gem market is showing a rapid growth trend,is gradually improving.Some a-share main board companies are state-owned companies.Although A reasonable board mechanism is set up in accordance with relevant laws and regulations,the influence of the board of directors is relatively small due to the nature of state-owned companies,which is obviously not the best research sample.While gem companies are mostly private enterprises,the influence of the board of directors is relatively large,the chairman is an important position,the research is representative.Therefore,it is of great theoretical and practical significance to study the relationship between the characteristics of the board of directors and the financial performance of gem.This paper on the previous literatures are reviewed,relevant concepts to define the characteristic of the board of directors,and emphatically introduces the company's financial performance evaluation methods,quantile regression and Lasso regression model,theoretical analysis of the characteristics of gem listed company's financial performance by the board of directors,on this basis,determine the impact the gem listed company financial performance indicators and data sources.Secondly,descriptive statistics are made on the characteristics of board of directors of gem listed companies in China,and relevant analysis and inference are made.On the basis of above research,abandoned the past with ROE or tobin Q value of the single variables as the performance of the general methods of empirical analysis,using the factor analysis to our country the gem has carried on the correlation analysis and evaluationof financing performance of listed companies,the method to extract four principal components,respectively,profitability and anti-risk ability,development ability,flow ability,and is interpreted as a substitute gem listed company financial performance variables,for further research in this paper to provide variable support for further analysis,so as to refine the research conclusion.Third,from the board structure,incentive,composition and quality of four aspects of the characteristics of the board of directors of gem listed companies on the impact of corporate financial performance;According to the defects of the traditional regression model,a quantile regression method was selected to measure the importance of each variable at different loci.Quantile estimators may be more efficient than least-squares estimators,and estimators are not susceptible to outliers,so the estimators are more robust.Further explore how the board of directors play its core role in corporate governance.In this paper,it is the first time that quantile regression model is applied to analyze the influence of board characteristics on financial performance of listed companies on gem.Fourthly,from the perspective of the characteristics of the board of directors,Lasso regression model is used to predict the financial performance of gem listed companies,and the prediction model is evaluated,which shows the superiority of Lasso regression model.Results show that a gem in the board of directors of the listed company governance structure in our country,for the result of the multiple linear regression,only the salary incentive scale,the proportion of independent directors,the directors and members of the board of directors chairman of education level,gender ratio and gender,age,educational background have significant correlation with the company's financial performance,and whether the board both unity and the average age of the board of directors there was no significant correlation with the company's financial performance.In quantile regression,the size of the board of directors has no significant effect on financial performance at the high score and the age of the chairman has no significant effect on financial performance at the low score.This shows that the effectiveness of board governance structure of gem listed companies has not been given full play and the core role of board of directors in corporate governance needs to be further strengthened.Among the predicted results,the prediction effect of Lasso regression model is better.And from the point of view of the significance of economy and finance and the quantitative investment of theprogrammed execution of stock selection,different models can be selected to provide investors with investment reference.Finally,this paper puts forward some Suggestions for enterprises and investors respectively,so as to provide reference for the construction of the board of directors of gem listed companies and the improvement of their ability.