Board Supervision, Anti-corruption And Corporate Performance

In the governance system arrangement to ensure the healthy development of the company,the board of directors and its monitoring activities are at the core,which is crucial for the company's scientific decision-making and proper operation,and even determines the achievement of corporate performance.Therefore,how to improve and strengthen the governance of the board of directors has always been the focus of the theoretical and practical circles at home and abroad.In fact,the effectiveness of board supervision and its ultimate impact on corporate performance depends not only on the design of the mechanism,but also on the actual impact of the operating environment.During the economic and social transition,corruption is widespread and relatively serious,which interferes with the effective operation of corporate governance mechanisms.Board supervision may also be weakened or even failed,which has a significant negative impact on corporate governance and even corporate performance.The opportunity to solve problems is undoubtedly Anti-corruption.For a long time,the party and the country have attached great importance to anti-corruption work,especially after the 18 th National Congress of the Communist Party of China,the anti-corruption work has continued to strengthen and tended to be institutionalized and normalized.The external environment in which the corporate governance mechanism has been operated has undergone positive and profound changes,promoting.This will improve the governance of the board of directors,especially the effectiveness of supervision.Based on this background,this article selects 777 listed companies on the main board of the Shanghai and Shenzhen stock exchanges from 2011 to 2017 as a research sample to study the relationship between board supervision and corporate performance,focusing on the actual impact of anti-corruption on the relationship between the two.Specifically,it examines the impact of board supervision on corporate performance from three aspects: the structural characteristics,operating characteristics,and incentive characteristics of the board of directors.Based on this,the anti-corruption is used to characterize the institutional environment and examine its role in board supervision and corporate performance Potential regulatory effects,to find evidence for the positive governance significance of anti-corruption efforts at the micro-enterprise level.The empirical results show that in terms of board incentive characteristics,directors 'compensation and corporate performance have a positive correlation,and anti-corruption has a significant positive regulating role in the relationship between directors' compensation and corporate performance.In terms of board structure characteristics,board size and corporate performance.There is a positive correlation.Anti-corruption has a significant positive regulatory effect on the relationship between the size of the board of directors and corporate performance.In terms of the operating characteristics of the board,the number of board meetings has a negative correlation with corporate performance.There is no obvious positive regulatory effect in the relationship of corporate performance.Moreover,the robustness test still supports the above conclusions.Finally,this article combines the foregoing analysis,and puts forward corresponding policy suggestions on how to improve the effectiveness of board supervision and then improve corporate performance.