Study On Relationship Between Corporate Governance Mechanisms And Operating Performance Based On The Interactive Relation Effect

In the past 30 years, corporate governance always is the hot topic which the international organization, the various countries' government and the academic circles paid attention. In view of the relationship between corporate governance mechanism and operating performance, the domestic and foreign massive literature separately have conducted the research from theoretical and empirical aspects of the study, but has not drawn the consistent conclusion. The reasons are that most scholars ignored interaction of a number of governance mechanisms and the endogenous problems between the governance and the firm performance, only the creation of a single equation on a single government mechanism and performance relationship. Therefore, it is necessary to consider interactive relationship and endogenous problems, in an overall framework of the corporate governance mechanism and study the relationship between the corporate governance and operating performance.This paper select our country's listed companies governance mechanism as the object of study, fully absorb the relevant domestic and international corporate governance mechanism of the relevant research results, in view of existing limitations and shortcomings. The corporate governance mechanism and the interaction between their operating performance and the relationship has conducted in-depth analysis and used as the basis for theoretical research and empirical study on the method of combining the corporate governance mechanism has conducted in-depth study.Firstly, provided the meaning of corporate governance from the narrow and broad perspective, and evaluate the relevant theory of corporate governance, on the basis of this, proposed corporate governance mechanism and the concept of classification. And in the world a typical model of corporate governance conduct the comparison research, had pointed out referent significance to corporate governance pattern at this stage of our country.Secondly, analysis of the corporate governance mechanism and operating performance that existed, pointed out the among the corporate governance mechanism have either the substitution or the complement correlation relations, interactive relationship among corporate governance mechanisms conducts the empirical study. Put forward relevant research and suppose at first, establish the mutual relationship model of corporate governance, and carry on the descriptive statistical analysis, and has further analyzed each kind of government mechanism distributed characteristic. adopted the pooled sample data of 2002-2004 years of listed company of our country to estimate the model, and has carried on the test of stability to the result of the empirical study. The empirical research confirmed the corporate governance mechanism either the substitution or the complement interactive relationship.Thirdly, based on the framework which provided, relationship between the corporate governance mechanism and operating performance relations was researched. carried on empirical study relationship between corporate governance and operating performance, Based on the theoretical analysis of the relationship between governance mechanism and firm performance, proposed a series of suppositions about relationship between corporate governance mechanisms and operating performance, from exogenous perspective on the establishment of corporate governance mechanisms and firm performance concept model, uses the listed companies of our country from 2002 to 2004 pooled sample data, with the ordinary least squares method methods estimated the sole equation model, has carried on the stability tests to the research conclusion. The empirical study conclusion had proven existed relationship between the corporate governance mechanisms and the operating performance.Fourthly, the paper analyses the endogenous issue of corporate governance and firm performance. Based on the theoretical analysis of the relationship between governance mechanism and firm performance, proposed a series of suppositions about relationship between corporate governance mechanisms and operating performance, from endogenous perspective on the establishment of corporate governance mechanisms and firm performance concept model, uses the listed companies of our country from 2002 to 2004 pooled sample data, with the two stage least squares methods estimated the simultaneous equation model, has carried on the stability tests to the research conclusion. The empirical study conclusion had proven existed endogenous question relationship between the corporate governance mechanisms and the operating performance. Finally, the paper summarized the conclusion which the empirical study obtains, analyzed existence the question of corporation governance mechanism of our country at present stage. On the basis of the theory and empirical research foundation, from internal control mechanisms, external governance mechanisms and other measures, the suggestion of enhancing enterprise's operating performance and improving corporate governance mechanism was proposed.