| In this paper, we make a research on how different interest groups influence board structure. In china, there exists a phenomenon that board of listed companies is weakly independent-strong controlled by controlling shareholders. Controlling shareholders control the board through the nomination of directors; Independent directors represent the interests of small shareholders, who give independent and objective professional advice; senior management may influence the independence of board composition by the entrenchment; supervisors monitor the operation of board. This paper restores how different interest groups influence board structure and how they affect company performance.This paper takes the characteristics of directors, supervisors and managers as samples, to study the relationship between theses characteristics and corporate performance. We extracted 10 factors from 27 independent variables by the principal component factor analysis, and then analyze their impact on company performance. The results showed:First, ownership concentration and corporate performance ROA, ROE, EPS is positively related; ownership and market indicator Tobin's Q is negatively related. Major shareholders will actively run their own holding company. But in the secondary market, investors tend to invest in companies with low ownership concentration.Second, the independent director system has not yet play a role, but the establishment of special committees of the board will help to improve company performance. Third, we find supervisory system is effective. This study found that the characteristic of supervisors have a significant effects with corporate performance. The board scale of supervisors is negatively related with firm performance. Board of Supervisors meetings is negatively related with company performance. The turnover of Chief Supervisor is positively related with the performance of the company. The age of supervisors is positively related with corporate performance. |
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