Research On The Financial Risks Considering Corporate Governance Structure

Research on financial risks of enterprise is an important topic in the financial field.It is very common that enterprise management deep into crisis because of improper disposal of financial risks. Listed company in the financial risks have internal and external factors, but internal factors play a dominant role, such as imperfect corporate governance structure,unreasonable capital structure,etc.2008 the whole world breakouted economic crisis, lehman brothers,many investment banks and commercial banks have failed one by one. Obviously it is no longer because of pure financial risks, and improper disposal must be from deeper administrative levels, namely the failed internal governance on financial institutions.Therefore, at present, make the company governance into financial risk, not only can effectively reduce the financial risks of the enterprise, but the effective measures to global economic crisis of effective measures.Based on the empirical research method, I took 2006-2008 Shanghai and shenzhen manufacturing data as research samples, established binary logistic regression models, discussed the influence of corporate governance structure to financial risk.Empirical study results show that: in the board of director features, the size of the board, the proportion of the independent directors, CEO duality are not throughed by significant test, but considering equity balances the independent directors proportion passed inspection, showed significant ownership restriction restricts the function of the independent directors. From the ownership structure, ownership concentration coefficient is negative, and through a significant test, indicates the ownership concentration and the financial risks are negatively related. Controlling shareholders type pass a significant negative correlation, show that state-owned holding on corporate governance has positive role. Senior executives shareholding, senior executives compensation coefficients are negative, and through a significant test show that at present, the listed company provide long-term and effective incentives to senior executives can combine the interests of senior executives and the interests of the company together, prompt managers to better service for shareholders, note the financial risks of enterprise an d try to take measures to reduce this risks.Based on the analysis, this paper puts forward measures to optimize corporate governance structure in control of financial risks of enterprise,I hope this research can provide some help for future researchers and actual workers.