The Research On The Relationship Between Corporate Governance Mechanisms And Firm's Valuation Of Chinese Listed Company

Corporate governance is an important topic of the enterprise system, descripting enterprise of the contractual relation between different member essentially. It is later than many of the other countries for research about the company governance in the theories field of our country , at the same time,It also has many shortage in the current corporate governance practice in our country .It has already become a urgent problem about how to study something in the successful experience from the mode of the western corporate governance,and build up a ourself nationtional governance structure ,push our country setting up a modern business enterprise system and economy 'sdevelopment. The thesis is based on generalize the basic concept and theorieses about corporate governance, and drelling on the research of domestic and international corporate governance, tallying up new visual field of corporate governance research. Thesis adoptes a combinative research method of normal analysis and substantial analysis, qualitative analysis and quantitative analysis, comparisive and inducive to analyze the problem existenting in the listed company corporate governance structure, and put forward own respondsive counterplan to problem. The thesis measures the worth index with the EVA, studying the relationship between the listed company ownership and company value.At the result, because of the lacks of proprietor, the concentrative share holding etc, the share holding concentrative degree and company valuve of the our country listed company presents a negative related relation , but have not appeared the pour relation. company share is a flexible power, its proportion in total share and the company values present a positive related relation.The relation between the proportion of Circulative share, the high tube layer share and workers'share in total shares and company value is just when in returning to regresive coefficient, but don't prominence. The thesis studied the influence factor on the listed company manage share encourage. The substantial evidence show the managenal accplishment and manage shareholding proportion is basicly not related. The proportion of state-owned shows a litte influence on manage share proportion, the company share and manager holdings show a positive related relation, the public shareholding show a litte influence to manager holdings. Manager holdings and company management risk presents just positive related, the Non-Executive Director is more high in the board of directors, the corporate be inclined to manager hold more share. The thesis uses the method of the substantial evidence analysis to exam the usefulness of the independent board director institutional Chinese listed company currently, the result show, currently the independent board director in the listed company did not rise in the improvement of corporate govermance to raise porformace However, promote of independent board director system is a more useful method to improve corporate governance structure. The thesis analyze the influence that the capital structure to the company governance efficiency,in China, the listed company hobby ownership finance, the substantial evidence analysis presents creditor finance is not big, but it also can improve the corporate governance still and company market value, and the finance signal deliveral effect also appear in the listed company now. Finally, we list the problems exsiting in all listed company,and analyze the reasons.and put forward the counterplans...