A Research Of The Managers "immoral" Of Listed Company And The Characteristic Relationship Of Corporate Governance Structure

After the separation of the owner and the management in the corporation was born, theorists and Practice circle have been inquire into a problem and put it into practice. How make loyal managers of listed companies work for all the effectiveness shareholders. During the long period of the cause of development, In order to achieve this aim, designing a series of supervisory system and excitation mechanism, hence Corporate Governance emerge as the times require. Moreover Corporation Administration Structure is a crucial factor of improving the corporate governance level, already become an important research field. Being the Transforming Period of economic development, the problem of the managers of listed company in our country occurs so frequently, not only reflect the moral hazard of the managers, but also make a great effect on society and enterprise. And select that corporate governance release accumulate of the risk in the process of transition these problems required urgently to improve the situation of listed company in our country, construct a new-style corporate governance structure with higher speed. From this angle, the article study on "corrupt and incompetent" of the managers and characteristic of corporation administration structureare of great significance in theory and practice.Based on consulting patent literature and other literature, Two characterizations of the "corrupt and incompetent" of the managers has been summarized, namely the embezzlement of the managers and over-investment. By using the means of principal-agent theory and theory of game and corporate governance,find out the three main factors of corporation administration structure:There have a thousand and one links in the board,board of supervisors structure, ownership structure and administer inspirit, "corrupt and incompetent" of the managers.The article with the data of listed companies of stock markets of Shanghai and Shenzhen from 2005-2009 as samples, respectively analyzes the relationship characteristic of corporation administration structureare both the embezzlement of the managers and over-investment, building Statistical Model,using descriptive statistics, the test differences and regression analysis and so on, find that good corporation administration structureare restrict the "corrupt and incompetent" of the managers to a certain extent.In other words, large-scale features of the board of supervisors, high ownership concentration and the large degree of internal control managers easily lead to "moral hazard" behavior from occurring; and several board meetings and the appropriate proportion of outstanding shares increased to a certain extent Inhibit managers to implement "moral" behavior.