Research On The Relation Between Operator's Governance Efficiency And Enterprise Performance Of Listed Companies

As China is in the transition period of economic institution, short-term behavior full filling listed companies has weakened its competitiveness seriously. Establishing modern enterprise mechanism is the key to improve listed companies'competitiveness, of which corporate governance is the core of it. Ownership structure, board operation stakeholder and some other factors affect enterprise performance to a certain extent. However, these effects are indirect, which are conducted to the performance through operators. Existing researches on corporate governance and enterprise performance mainly concentrate on the relation between corporate governance factors and enterprise performance, and few pay attention to the direct conducting function of operator's governance efficiency to enterprise performance. However, operator's governance efficiency is a direct key factor affecting the performances of listed companies. As there is few research on how to measure the efficiency of operator's conduction, we focus on this topic.In this paper, we first summarize the related papers on corporate governance, and analyze effects of ownership structure, board operation and stakeholders imposed on enterprise performance. Then, we analyze the process of corporate governance factors affecting enterprise performance, and the conduction function of operator's governance efficiency in this process. What's more, we study the relation between operator's governance efficiency and enterprise performance, and get that operator's governance efficiency is the direct factor affecting enterprise performance. After analyzing existing papers on operator's governance, we sum up operator's governance efficiency includes four factors, operator's ability, character, salary and tenure, analyze them theoretically and decompose them into more detailed indexes. Then, we choose listed companies in Shandong Province as the research sample, analyze operator's governance efficiency and its affecting factors empirically, and do regression analysis of the effect of operator's governance efficiency on enterprise performance. The results indicate that operator's governance efficiency affects enterprise performance significantly, and apart from operator's shareholder proportion, all the factors have significant positive effects on enterprise performance.These four indexes, used to measure operator's ability, character, salary and tenure, provide standards for measuring operator's governance efficiency of listed companies. The empirical analysis we do in this paper on operator's governance efficiency and the effect of it imposing on enterprise performance provides an analysis idea for testing direct governance factors of listed companies' performance.Our research enriches existing researches on corporate governance and enterprise performance, and provide stable theoretical basis for the incentive and restriction of operators. The empirical results provide operational instruments for analyzing operator's governance efficiency of listed companies in Shandong Province, and have reference meaning for listed companies in the whole country. What's more, this research provides a view for management and supervision departments to review syntony between operator's governance factors and other governance factors.