Comparative Research On Corporate Governance Of Private Companies Listed By IPO And M&A

As the key content of modern enterprise system,corporate governance is a hot research topic. Good corporate governance can be helpful to reduce agent cost and improve value of enterprises.As an important part of capital market, improvement of corporate governance of private listed companies plays an important role to the development of capital market and the reform of modern enterprise system.The existing researches have studied private listed companies as a whole, they haven't paied attention to the difference of different types of private listed companies. This paper divided private listed companies into family holdings listing type and M&A type according to the different listing channels.On the basis of the theory of corporate governance, this paper compared the features of ownership structure, board of directors, board of supervisors, managers' incentives of two sub-samples, then explored an empirical research on the relationship between corporate governance and firm value based on the data from 2005 to 2007.Empirical study found that while the governance structure is relatively complete in form, but some mechanisms are not effective. Such as other major shareholders don't play a role of balancing the controlling shareholder, managers holding share don't have influence on performance of enterprise. Two types of private listed companies show difference at the mechanism of largest shareholder, ratio of independent directors, the number of meetings of board of directors.On the basis of empirical research, combined with the characteristics of corporate governance of private listed company, the paper put forward policy recommendations to improve corporate governance.