The Empirical Analysis Of Corporate Governance Structure And Performance In Listed Companies

In the empirical research of influence factors for the performance of listed companies, the analysis of corporate governance structure is the hotspot task in recent 20 years for the domestic and foreign scholars. Though each country has different reasons for corporate governance reform, the attention for corporate governance reflects a common cognition, namely good corporate governance is the necessary condition for holding the persistent growth of performance, and is the microcosmic basic for guaranteeing the high efficiency move of modern market system.Through the empirical analysis of the relationship between the corporate governance structure and performance of listed companies in China, this article tries to reveal the mechanism of how the corporate governance influence performance, and to find out the ideal model of corporate governance and points out the appropriate policy suggestion. This article is divided into four parts:Part one emphasizes the common theory that corporate governance structure figures out the agent problems caused by the separation of ownership and control power, and sets forth correlative research done by domestic and foreign scholars from the relationship between centralization degree of ownership and performance, the relationship between incentive of senior managers and performance, and the relationship between board and performance. And puts forward some deficiencies in domestic research, for example, the select of performance is bald; most research methods are cross section analysis, there is little research basing on both time serial and cross section datum; and there is little research have the inside and outside corporate governance factors in the selection of corporate governance structure indexes.Part two introduces the theory of panel data. The basic form of panel data is: yi t =αit+xi′tβit+uit , i =1 , 2 ,…, n ; t =1 , 2 ,…, TPanel data is used for describing the instance of swatch in a collectivity in some time, and observing every unit in swatch multi-scale. Basing on the different hypothesis of ui , panel data has fixed effect model and random effect model, if ui is a unit constant(corresponding to the dummy variable of...