China's Small And Medium-sized Listed Company Board Structure, Its Performance Impact Study

Board of directors is the corporate decision-making organization. It has the decision-making right of the important events and it is an important part of the organization. Does a board of directors structure really have an influence function to company performance? Scholars of many countries have always continually focused on it, in order to find governance mechanism and elevation of the firm performance through the research on the relationship between board of directors structures and corporate performance of Chinese listed companies.This paper integrates related theories such as agent-principal theory, corporate governance theory, the inner command theory, the benefit of relatives theory. The research of this text adopts the method in combing experience research with normal studies, and mainly is the method of experience research. It compares domestic and international practice of governance of board of directors basing on theory of structure of board of directors and performance evaluation, and makes a empirical study with samples from small and medium-sized sub sector of SSE and SZSE. Regarded listed company of small and medium-sized sub sector of SSE and SZSE as samples, the paper mainly research the relationshio between the board structure and corporate performance. The board structure is from the following respects: the scale of the board, the independent directors of the situation, the average age of the directors, the appointment status of the chairman and the general manager, female directors of the board, the situation of directors holding stock and so on.In order to make the validate more effectively, the paper makes the lengthways research with the data from 2005 year to 2007 year. It carries on the description statistical analysis to the overall condition and characteristics of board structure of listed companies. Then we continue to do the further rearession analysis research.This article has enriched the research of the leadership between the board government and corporate performance in theory, advancing its research method and view into a height of system agitation. Because the value of theoretical research lies in the fact that it comes from practice and can guide the practice conversely. The author expects that this thesis can come into being substantial help for Chinese listed company performance evaluation and rationalized board structure.