| In the wave tide of the economic globalization, especially after China entering into the WTO, the market competition that China's enterprises face is becoming more and more severe. If China's enterprises want to become the powerful competitor in international economy and acquire a invincible position in severe competition, they must perfect its corporate governance mechanism, and promote the firm value of own. Therefore, it's necessary to deeply research the corporate governance of China's listed companies and find the key problems for resolving, thus put forward the valid policy suggestions.This paper analyzes the relationship between corporate governance of China's listed companies and firm value with the theoretical analysis and the empirical analysis. First, we analyze the main problems of listed companies and try to find out the causes of the above problems. Second, this paper studies the relationship between corporate governance of China's listed companies and firm value with the theoretical analysis from four aspects. Third, this paper uses the listed companies of Shanghai and Shenzhen in 2004 as the research sample, and successively makes the descriptive statistics analysis, the relativity analysis and regression analysis. The result of study indicating: The relationship between corporate governance structure of listed companies and value firm is close. Among the 10 variable describing corporate governance structure of Chinese listed company, it's a very important effect factor that the ownership structure variable (Top1,Cstr 2-10 and So-top), the governance mechanism of the board of directors variable ( Out- ration, Ceo-topdir), incentive mechanism variable ( magtH, Compensation) and the exterior law market environment variable (Hbshare subjunctive variable).AT last, this paper puts forward some suggestions based on the empirical analysis, combining our country special culture, system and the law environments. |
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