The Research On Corporate Governance, Internal Control And Corporate Performance Of State-Owned Companies

The establishment of state-owned holding company is an important way to improve China's state-owned capital investor system.It is a key step in the completion of the separation of government and enterprise.After long-term gradual reforms,China's state-owned enterprises have gradually established a diversified structure of property rights,and state-owned holding companies exist in various forms in China's economic system.However,based on the special proportion of state-owned shares,state-owned holding companies have not fully introduced the market mechanism and are still in a semi-market state.Although the modern enterprise system has been established,corporate governance and internal control are still not perfect.Performance is not satisfactory.State-owned holding companies urgently need to establish perfect corporate governance and internal control systems to enhance their vitality and competitiveness,improve their performance.Based on the low efficiency of state-owned holding companies,this paper considers the interrelation among corporate governance,internal control and corporate performance of state-owned holding companies.From the theoretical analysis of property rights theory,principal-agent theory,stakeholder theory and insider control,we find the basis to support this thinking.Starting from this problem,the empirical data of Shanghai and Shenzhen A-share state-owned holding companies from 2013 to2017 are collected.Through the steps of hypothesis raising,data collection,model construction and empirical analysis,the conclusion is finally reached: there is a significant positive correlation between the corporate governance,internal control and short-term performance of state-owned holding companies;Influenced by the proportion of the largest shareholder,the long-term performance of enterprises has no significant relationship with corporate governance and internal control;however,when the proportion of the largest shareholder is less than or equal to 60%,corporate governance has a significant positive correlation with the long-term performance of enterprises;internal control has a positive regulatory effect on corporate governance and short-term performance of enterprises;however,owing to the nature of equity and equity of state-owned enterprises Because of the particularity of proportion,this moderating effect is not significant in the long-term performance of enterprises.Based on the research conclusions,state-owned holding companies should steadily promote the reform of mixed ownership,and on the basis of adjusting the proportion of the largest controlling shareholder,effectively play an active role in corporategovernance and internal control,improve corporate governance,optimize internal control,and improve from top to bottom.Internal control system operating efficiency.This paper puts forward suggestions from four aspects: promoting equity diversification,reducing the proportion of state-owned shares,improving the operating mechanism of the board of directors,improving the incentive and restraint mechanism of managers,and optimizing the quality of internal control,with a view to improving the performance of state-owned holding companies,realizing the preservation and appreciation of state-owned assets,and strengthening enterprises.