Research On The Influence Of Director Chain On The Performance Of State-owned Listed Companies

The board of directors is a key component of the governance structure of listed companies.A reasonable structure of the board of directors can improve the decision-making and management effect of enterprises,It can help enterprises to obtain sustainable competitive advantages.With the progress of the reform of state-owned enterprises in China,the chain of directors whose board members serve in two or more companies has become an important means of enterprise strategic innovation and resource integration.Chain by directors,connecting a number of other enterprises,universities,research institutes and government departments,embed a relevant business knowledge and practice of transmission system,and help enterprises to establish strategic alliance,to break out between imitation and promote innovation,and promote enterprise external resource access and strategy optimization,thus effectively improve enterprise value.State-owned enterprises shoulder the important mission of leading and promoting the healthy development of China's economy through reform.The optimization of their governance structure to promote the improvement of enterprise efficiency has always been the focus of national and social attention.Since 2004,central government enterprises have carried out trials to establish standardized boards of directors.By the end of 2019,most central government enterprises and local SOEs directly under the State-owned Assets Supervision and Administration Commission had established a standardized system of boards of directors.With the reform of state-owned enterprises and the optimization of their governance structure,the chain of directors is becoming more and more common,especially in state-owned listed manufacturing companies.Moreover,a series of reforms of governance structure,such as the chain of directors,have an important impact on the performance of state-owned listed companies.Therefore,in order to track study the influence of the reform of state-owned enterprises to the enterprise performance,this research focus from the perspectives of directors chain governance structure change effect,first of all,based on the state-owned listed companies in manufacturing samples,type in the division of industry,knowledge,and although its three kinds of chain link,on the basis of the empirical analysis of the different types of directors chain effects on business performance.The results show that the influence of industrial director chain on firm performance is greater than that of knowledge-based director chain,and the effect of knowledge-based director chain on performance improvement is greater than that of administrative director chain.Second,in the general law on the basis of the analysis above,this study selected the "China shipping industry co.,LTD." as a case study of typical object,in the company governance structure of other elements of basic stable constraints,case selection based on the development history of its directors chain and practical path,analysis the influence law of three directors chain of enterprise performance,The results show that the three types of director interlocking have different degrees of positive impact on corporate performance.The case analysis is consistent with the regression results,and the results of the case analysis better confirm the universal conclusion of the empirical results.Finally,combined with the results of empirical analysis and from the perspective of director chain,this study puts forward targeted strategies and suggestions for state-owned listed companies to optimize the governance structure and promote enterprise performance,and summarizes the limitations and future prospects of the study.