Demonstration Analysis On Characteristics Of Corporate Governance And Management Level Of Operation Risk In Chinese Listed Company

With the development of Chinese economy,the organization and environment of the listed companies have changed greatly.And these companies faced more and more risk for the quick development of market demand,technology and competition.So the question how to establish a set of consummate characteristics of corporate governance to improve the management level of operation risk is put forward now.Basing on the data of Chinese listed companies in 2006,we analyzed the characteristics of corporate governance of Chinese listed companies using descriptive statistics analysis method,and indicated our research hypotheses.Then we tested the hypotheses using correlation and regression analysis technology.The first shareholder holding ratio,the first three shareholder holding ratio,equity restricting index,the size of the directorate,the ratio of intramural director and independence director,the share holding ratio and salary of the top management were selected to describe the characteristics of corporate governance,and aggregate profit ratio,cash-liability ratio,asset-liability ratio and account receivable velocity to describe the management level of operation risk.The main conclusions are as follow:the first shareholder holding ratio is positive correlation with aggregate profit ratio,the first three shareholder holding ratio is positive correlation with aggregate profit ratio and cash-liability ratio,but negative correlation with asset-liability ratio;the size of the directorate is positive correlation with asset-liability ratio;the share holding ratio of the top management is positive correlation with aggregate profit ratio and cash-liability ratio,but negative correlation with asset-liability ratio.So the management level of operation risk will be improved when the shares are collected in minority stockholder properly,the maximal stockholder's proportion is reduced reasonably,the size of the directorate is controlled reasonably or the proportion of the top management's shares is increased reasonably.