Empirical Researches For Chinese Listed Companies On The Relationship Between Corporate Governance Structure And Corporate Value

A successful company means the increasing the corporate value ,the company shareholders, the board of directors, the managers and the staffs, all of them are devoting to the value creation to achieve the company value maximization grand goal. Many theorists and the industrialists have diligently attempted to seek the method to establish relations between the corporate governance and the company value. Therefore, the corporate governance is becoming the researched hot issue, it is received the unprecedented attention. The practice indicated that, for a company the effective corporate governance is the important condition of highly effective operation and the maintenance of competitive ability. All global businesses will face intensive and the severe international competition direct, its status in the global competition will decide our economic prospects and the synthetic competitive ability height in the very great degree. Whether the corporate governance is perfect or not, will be the critical factor that whether the Chinese economy, financial reforms, as well as the stock market sustainable development success or not in the future ,it is also the basic factor that whether there are modern enterprises have international competition strength in China to greet the globalization challenge. Therefore, it is necessary to learn overseas mature governance theories and successful facts to direct how to enhance the value of our companies .In fact, the research about the relations between corporate governance and company's achievements has still not drawn a consistent conclusion.No matter in the home or the oversea, the argument about corporate governance structure will continue. In the oversea, the western scholars have done massive fundamental research ,meanwhile ,they also have carried on lots of analysis of real diagnoses experience, but due to the different samples, the different choices of company indexes and the different model establishment ,and so on, it have not drown a consistent conclusion. In domestic, although the scholars start it lately in this aspect, but in recent years, there is a big progress in the research of the corporate governance and company achievements , they has absorbed more overseas research results。However, their investigations have showed certain limitation in the real diagnosis research. For instance, there was a bigger difference in the variables choices in their research which caused the inconsistent conclusion. Moreover, our country's scholars have not paid enough attention to the influences between the industrial factor and the real diagnosis analysis result, and also there was not comparability in the different industries analysis results.This article revolves the Chinese corporate governance and the company achievements, firstly, analyzes the connotation of the corporate governance from its basic theories, then discovers the relationships between corporate governance and the company achievements .And linking the former domestic and foreign research results, proposes seven related rational supposition. According to China's present condition, through the real diagnosis research of the China listed company's statistical data in 2005and the utilization of econometrics method, according to the overall analysis of the data and the model establishment to confirm the previous related suppositions. And we discuss the performances and insufficiencies of our country's present listed companies. At last, puts forward proposals for the governance of the listed companies.