Empirical Study Of Governance Structure Of Listed Companies Effect On Enterprise Competitiveness

With the rapid economic development, the trend of economic globalization is obvious, fierce market competition is inevitable in modern enterprise, especially in listed companies. AS the core of modern enterprise system,corporate governance attempt to coordinate the relationship between company and owners and among the interests of stakeholders through a series of formal or informal.internal or external system or mechanism.so as to ensure the company's scientific decision-making. promote enterprises to healthy development,and it is also a necessary condition for promoting enterprise competitiveness. In the fierce market competition, the competitiveness of enterprises can effectively integrate and optimize a variety of resources and establish their own comparative advantages to enable enterprises to obtain long-term survival and development ability. Different governance structures and governance mechanisms affect the accumulation; improvement and effective use of critical resources through affecting enthusiasm key resource owners, thus it ultimately affect the competitiveness of enterprises. Therefore, the study of impact of corporate governance on the relationship between competitiveness, exploration of how to improve the corporate governance structure to enhance enterprise competitiveness is of great theoretical and practical significance.With the gradual deepening of the shareholding system reform, the development of China's securities market and market for corporate control, corporate governance of listed company in China demonstrated its own characteristics; it also emerged many problems to be solved. It is necessary to conduct in-depth analysis of the root causes and solutions of the problems through combining the status quo of listed companies in our country. Thus we can provide policy support for improving the governance structure of listed companies in china to enhance the competitiveness of enterprises.This paper selects four representative dimensions in corporate governance (ownership structure, board of directors, supervisory board and management) to study the impact of corporate governance on enterprise competitiveness, on the basis of theoretical analysis, empirical study is launched. In the empirical analysis, this paper selects 57 listed companies in the real estate industry of Shanghai, and Shenzhen main board listed companies as the research sample, and take advantage of cross-sectional data of the year 2007, to conduct multiple regression analysis on the impact of corporate governance on the competitiveness of enterprises, also it uses Weighted least squares (WLS) to control heterosce dasticity.Empirical study found that;①The shareholding ratio of the state-owned stock has positive impact on the competitiveness of enterprises;②the shareholding ratio of circulating stock is not conducive to enhancing the competitiveness of enterprises;③the proportion of the largest shareholder and corporate competition force between the inverted "U" shaped relationship;④two part-time job is not conducive to enhancing the competitiveness of enterprises;⑤the implementation of equity incentive for the Board is conducive to enhance the competitiveness of enterprises;⑥the role of the board of supervisors did not meet the requirements of the board set-up, but the operational efficiency of board of supervisors can enhance the competitiveness of enterprises;⑦the equity incentive for managers is conductive to enhancing the enthusiasm of management staff and the competitiveness of enterprises;⑧high quality management team (it uses general manager as symbol) can improve the overall management and promote the competitiveness of enterprises.In the end, according to the conclusion of empirical study, this paper points out existing problems in governance structure of listed companies, and puts forward improvement suggestions and makes policy recommendations, hoping to provide beneficial reference for improving the governance structure of listed companies in China and enhancing the competitiveness of enterprises.