The Research On The Relativity Of Composition Of Corporate Board Of Directors, Shareholders Returns And Enterprise's Performance Of Corporate

Corporate governance influences enterprise's performance in terms of strategic management and board of directors is the core of corporate governance structure. Starting from this point, the paper studies the relativity among composition of corporate board of directors, shareholders returns and enterprise's performance of listed companies in northeast of our country.Meanwhile, corporate governance is the focus in the theoretic field. It prescribes the basic framework and operational mechanism of the whole enterprise. As a result, enterprise strategic management is within the given platform and framework, govern the enterprise to lay down goals and to achieve them. Therefore, it is no doubt that corporate governance plays an important role in the enterprise strategy option and putting it into practice.The paper can be divided to five parts and the main conception of each part is stated as followings:PartⅠis introduction. It introduces the studying background, motivation, intention, scope and framework.PartⅡis literary review. I particularly introduce the theory I applied in the paper, sthat is Agency theory including the basic hypothesis of Agency theory, three typical agency reasons in modern corporate governance. It introduces agency cost and foreshadows the following studying hypothesis.PartⅢis the Research Design. Firstly, a studying hypothesis is proposed basing on theoretical analysis. And then it follows the collection and procession of materials, choosing of variable and its definition. We put finance performance ROA and ROE in consideration to measure enterprise's performance and choosing CAR in consideration to measure shareholders' returns.It is more convincing. In the end, a multivariate regression model is established. PartⅣis the empirical results and the analysis. In includes descriptive statistics, CAR, correlated analysis and regression analysis.PartⅤis conclusion and suggestions. According to my research, as for the present listed companies, composition of corporate board of directors is still the decisive factor which influences shareholders returns and enterprise's performance.