Study On The Relationship Between Corporate Governance Structure And Operating Performance Of Coal Industry Listed Companies In China

As China's basic energy industry,coal industry plays an important role in promoting the economic development and social progress. At present, however, China's coal industry listed companies have some problems in the corporate governance structure, such as insider control caused by the excessive concentration of equity, which would severely affect its performance. It is urgent that we need explore and construct a relatively reasonable and effective corporate governance structure to enhance the quality of corporate governance and improve its performance.This paper firstly set the framework of research ideas, and reviews the domestic and international related study status. Secondly, based on the fully analysis of China's coal industry listed companies, this paper proposed the research hypotheses for the empirical research. Next, we put the 18 companies successively in the period of 1998-2009 as research sample, whose main business is coal mining. We use the ownership structure, the board structure, and manager incentive 3 aspects to describe the corporate governance structure, and we get a comprehensive performance indicator which we named it"F", by the method of principal component analysis. With the above index, this paper carried on the descriptive statistic analysis and regression analysis by SPSS 17.0 which aimed to explore the relationship of corporate governance structure and operating performance. Finally, according to the empirical analysis results and China's coal industry listed companies situation of corporate governance structure, this paper put forward some suggestions how to improve the corporate governance structure and increase its operating performance.