Research On The Relationship Between Governance Structure And Corporate Performance Of Listed Companies In Agricultural Products Processing Industry

At present,the financial securities market is developing rapidly,and enterprise performance has gradually become an important standard for measuring the development level of listed companies.A good corporate governance structure can effectively improve corporate performance and enhance corporate competitiveness.At present,there are many studies on the relationship between corporate governance structure and corporate performance.However,due to the differences in research objects,different measurement indicators and the limitations of specific market environment,the academic community has not obtained consistent research results.Under the background of China’s economic transformation and upgrading,the agricultural product processing industry has gradually moved towards the high-tech field.The high-tech industry is a pillar industry of the national economy and a national strategic emerging industry.Its healthy and rapid development is inseparable from advanced technical support.Whether R&D investment can be effectively transformed into corporate performance has become the focus of attention of enterprises.However,there is not a simple positive correlation between R&D investment and corporate performance.Many factors will affect the transformation process of R&D achievements.One of the most important factors is corporate governance structure.Studying the relationship between the governance structure,R&D investment and corporate performance of listed agricultural products processing companies can understand the direct impact of the governance structure and whether it affects the performance of the company through R&D investment.It has certain significance for improving the governance structure of listed agricultural products processing companies in China,improving R&D capabilities,and improving the company’s overall performance.Firstly,this thesis combs the research results of domestic and foreign scholars on governance structure,R&D investment and corporate performance.Based on principal-agent theory,stakeholder theory and technological innovation theory,this thesis puts forward the research hypothesis of corporate governance structure,R&D investment and performance.Taking the listed companies of agricultural product processing industry as the research object,this thesis makes an empirical analysis of the data from 2017 to2021.The entropy weight method is used to comprehensively analyze the selected financial indicators,and the entropy weight score of the company’s performance is calculated.Under the framework of corporate governance structure of “ownership structure-board structure-management incentive,” five three-level indicators of“shareholding ratio of the largest shareholder,equity balance degree,proportion of independent directors,board size and shareholding ratio of senior executives ” are set as explanatory variables,corporate performance is taken as the explained variable,and R&D investment is taken as the intermediary variable.Multiple linear regression models are constructed respectively.Descriptive statistical analysis,correlation analysis,regression analysis,robustness analysis and other empirical methods are used to test the relationship between governance structure and corporate performance,governance structure and R&D investment,R&D investment and corporate performance.At the same time,R&D investment is added as a mediating variable between governance structure and corporate performance to test whether there is a mediating effect.Through analysis,the following conclusions are drawn:(1)In the correlation between governance structure and corporate performance,there is a positive correlation between the proportion of the largest shareholder’s shareholding and the degree of equity balance and company performance,a positive correlation between the proportion of independent directors and the size of the board of directors and company performance,and a positive correlation between the proportion of executive shareholding and company performance.(2)In the correlation between R&D investment and corporate performance,there is a positive correlation between R&D investment and corporate performance.(3)In the correlation between governance structure and R&D investment,there is a positive correlation between the shareholding ratio of the largest shareholder and the proportion of independent directors and the R&D investment of the enterprise,while there is a negative correlation between the degree of equity balance and R&D investment.(4)R&D investment plays a partial mediating role between governance structure and corporate performance.Based on the above research conclusions,this thesis puts forward the following suggestions on how to improve the performance of listed companies in the agricultural product processing industry:(1)Maintain an appropriate degree of equity checks and balances and supervise the rights of shareholders.Dispersing the control of the company can reduce the loss caused by improper decision-making,which is conducive to improving the company’s operating efficiency and promoting the improvement of performance level.(2)Reasonable addition of special committees to enhance the professional level of board governance.The members of the special committee can concentrate their time and energy on solving relevant professional problems,help enterprises integrate resources quickly and reasonably,improve the decision-making efficiency of the board of directors,and promote the improvement of business performance.(3)Optimize the executive incentive mechanism and increase the shareholding ratio of executives.Appropriately increase the shareholding ratio of executives,so that executives can dutifully serve the long-term development of enterprises,further improve the operating efficiency of enterprises,and promote the improvement of corporate performance.(4)Appropriately increase R&D investment to promote corporate performance.The increase of R&D investment can improve the company’s production technology level and production efficiency,thus promoting the improvement of economic benefits and improving the business performance of enterprises.