Empirical Studies On Relationship Between Corporate Governance And Operating Performance Of Agricultural Listed Companies

The corporate governance has always been a hot topic in the worldwide business management, and agriculture listed companies which are as leading enterprises of the first industry in China play an important part in Chinese economy. Besides, with the beginning of overall implementation of split-share reform in the September,2005, the reform had achieved a staged success at the end of 2006. This reform undoubtedly provided a new turning point for us to make a research on relationship between corporate governance and operating performance of agricultural listed companies in China.This dissertation consists 6 chapters. In the first chapter, it makes a summary both at home and abroad, which is mainly about the relationship between operating performance and corporate governance including share structure, board of directors and executives. In the second chapter, it elaborates and concludes the definition and theoretic basis of corporate governance. In the third chapter, it pays a great intention to the current situation of agricultural companies in China, which includes the definition, features and corporate governance. In the forth chapter, it builds two integrated assessment system about operating performance and corporate governance, which are based on Principal Component Analysis and Factor Analysis; then, it calculates the scores of the two indexes OPI and CGI, and makes a rank about them. In the fifth chapter, firstly it structures a multiple regression model by the indexes OPI as explained variable and CGI as explaining variable, during the period from 2005 to 2008, and the result of the regression indicates that there is a significant positive relationship between corporate governance and operating performance of agricultural listed companies in China; then, divided by the time of the accomplishment of the split-share reform in Chinese agricultural companies, respectively during the two periods,2005-2006 and 2007-2008, it sets up another two multiple regression model, which is mainly about the operating performance index OPI and 9 corporate' governance variables; at last, it makes a further contrastive analysis on the results of these two regressions. In the sixth chapter, it summarizes the conclusions of empirical study, and provides some corresponding suggestions about how to raise operating performance by improving corporate governance of agricultural listed companies in China.