The Impact Of Internal Strcuture Of Corporate Governance On Stock Prices Information Of Listed Companies In China

Corporate governance and stock price information content are two important research topics in corporate finance.In recent years,China's economy has continued to develop,the scale of the capital market has continued to expand,the number of listed companies has continued to rise,and investor enthusiasm has continued to go up.However,stock prices have plummeted,and laws and regulations related to corporate governance have not been sound enough.At present,China is at an important time to establish a well-off society in an all-round way.In the face of the increasingly complex political and economic environment inside and outside,for the important constituent listed companies in China's economic system,relevant level of research is essential.Generally speaking,a perfect corporate governance structure means that the company can effectively prevent business risks while satisfying the interests of the company 's shareholders,thereby increasing the information content of stock prices.In view of this,it is of great practical significance to study the influence of the internal governance structure of China's listed companies on the information content of stock prices.This article first introduces the basic concepts,causes and basic characteristics of corporate governance,and at the same time combs the development status of corporate governance in China.Next,the article analyzes the influence of various factors of the company's internal governance structure on the information content of stock prices from a theoretical perspective.Subsequently,based on the data of A-share listed companies in Shanghai and Shenzhen between 2015 and 2019,this article selects explanatory variables from five aspects: shareholding structure,board characteristics,salary incentives,financial information disclosure and transparency,and shareholders' senior management kinship.Analysis,put forward the corresponding hypothesis,and perform regression analysis on the sample through the panel data model,and draw the following conclusions:(1)From the perspective of the shareholding structure,the shareholding ratio of the largest shareholder of the listed company has an inverted Ushaped relationship with the information content of the stock price,The shareholding ratio of the second to tenth largest shareholders is positively correlated with the information content of the stock price,which shows that as the shareholding ratio of the first largest shareholder changes,its role in corporate governance also changes;As far as the tenth largest shareholder is concerned,the increase in its shareholding ratio helps to exert a certain incentive effect,so that shareholders can more strictly regulate the actual work of the agent;(2)From the characteristics of the board of directors,the number of board members of the listed company and the stock price Information content is negatively correlated.Although the increase in the number of directors will make the company's decision-making more reasonable,the decision-making efficiency is affected.Increasingly prominent,which is not conducive to the overall development of the company;the existence of two concurrent positions increases the possibility of "insider control" phenomenon,which is not conducive to the improvement of the information content of the stock price;the establishment of independent directors still has more forms than substance,and has not played a role The actual monitoring effect;(3)From the perspective of salary incentives,monetary incentives and equity incentives can play a positive role for company executives and directors.Compared with company directors,company executives show positive incentives The role is more significant;(4)From the perspective of financial information disclosure and transparency,the existence of cross-listing has not promoted the state-owned enterprises and private enterprises to improve the disclosure and transparency of financial information of the company,and even to a certain extent,it is negatively related to the content of the company 's stock price information.For foreign-funded and joint-venture companies listed in China,cross-listing has increased the information content of stock prices to a certain extent,indicating that there is still much room for improvement in China's capital market supervision;(5)From the perspective of whether there is a relative relationship between shareholders and executives.The relative relationship between the company's shareholders and executives is significantly positively related to the information content of stock prices,which shows that when shareholders are high When there is a kinship relationship,the interests of the company's managers and company holders are agreed,and the client and the client form a united front.