Research Of Governance Performance Of China Private Listed Companies

Setting up good corporate governance mechanism can be helpful to reduce agent cost and financing cost of enterprise and improve the inherent value of enterprises. It is also benefit to attract long international capital, to extend the range of using money, and to promote macroeconomic increase continually and steadily. The corporate governance has been paid attention to this reason. Especially the outburst of a series of scandals as U.S.A. Enron Corp., WorldCom Corp. etc., the corporate governance has been a focus. The Chinese Government has also paid the corporate governance as one of key contents of the modern enterprise's institutional attention to. And the listed company is favored by researchers because of its involving more stakeholders. In recent years, with the promotion of the market economy of our country, the private economic role in national economy is outstanding day by day. The numerous enterprises run by the local people become a member of the security market in the way that buy the shell, borrows the shell or issues directly. The private listed companies become a remarkable part in security market. So the research of private listed company's corporate governance has been a virgin land not developed yet.Having analyzed the development, gradual progress and current situation of corporate governance of the private listed companies, the thesis makes a research on the characteristic of the corporate governance performance, including the governance performance, the comparison of the private company with the non-private company, and the factors, which affect the performance of private listed company governance according to the empirical methods. Finding through the empirical test: The asset-liabilities level of the private listed companies of our country and governance performance present and negative relevant relations; There is positive facilitation to the improvement which the private listed company governance the performance in stock right concentration degree at present; managesr hold a small share which has little influence on governance performance, but the independent director's scale has positive function on the improvement the performance of governance. The author has also put forward the corresponding governance mechanism improvement measures and schemes of listed companies of our country.Regarding the performance of corporate governance in the private listed companies as the research object, the dissertation analyzes the private listed company's corporate governance performance and its influence factors in an all-round way but systematically. On the privatization theoretical research, the dissertation offeres a brand-new aspect for research of private economy; In the corporate governance theoretical research, the dissertation openes up a brand-new field for Chinese company's corporate governance; On practical use , the dissertation offers the pertinence suggestion for the private listed company's improving its corporate governance and promoting the performance of that.