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Corporate Governance Structure And Corporate Performance

Posted on:2006-07-05Degree:MasterType:Thesis
Country:ChinaCandidate:X Q WangFull Text:PDF
GTID:2206360152485756Subject:Accounting
Abstract/Summary:PDF Full Text Request
There are abundant productions of corporate governance from theoryto practice in international view. And in China, as the modern enterprisesystem established, people gradually realize how important corporategovernance is to the performance and competition of our SOEs. So howto introduce the researches of foreign countries and explore a corporategovernance mode adapted to our country is always an important subjectfor us. But because of some reasons there is not enough date to supportthe research of our country. For the considerations above, the author chooses the listedcompanies of our country as for the research object and tries to find therelations between corporate governance and enterprise performance byempirical research. The MS thesis includes five chapters. Chapter 1: The concept and the research clue of the corporategovernance. This chapter states the definition, the essence and thefunctions of the corporate governance and the two clues of the researcheson it. Finally the author indicates the research logic of this paper. Thereare different definitions of corporate governance from various angels andthe author gives his comprehension: it is a type of system arrangementand its essence is the agreement between corporate and its members.About the research clues, one is the emphasis on the internal arrangementof property rights (shareholder control mode) and the other one is theresearch on the outer governance to the managers (market control mode).This paper explores the relationships between corporate governance andits performance from the former angel and tries to analyze from threeaspects include capital structure, ownership structure and the board ofdirectors. Chapter 2: Ownership structure and corporate performance. As in thetheory ownership structure has effect on the internal and externalgovernance mechanism. And from the literatures almost all theresearchers think that ownership structure has significant effect oncorporate performance. The author makes empirical researches on therelationships between ownership and performances with the samples oflisted companies in 2003 from the Shanghai security exchange. The resultindicates that there isn't significant effect on the ROE from all variablesof ownership structure. So ROE isn't suitable to be the index of corporateperformance in our country. And we can get conclusion: the performanceof ownership decentralized corporate is better than the performance of theartificial person controlled corporate and the latter is even better thanstate controlled corporate; the proportion of state-owned shareholding andcirculating shareholding don't have significant effect on performance ofcorporate and the effect of artificial person shareholders to corporategovernance is decided by the proportion they hold; the proportion of thefirst shareholder is U style related to corporate performance and the laternine shareholders have good supervision on the behavior of the firstshareholder. Chapter 3: The board of directors and corporate performance. Thispart includes the analysis of corporate performance model, theory reviewand empirical research. This chapter puts forward an equation about theboard of directors and the corporate governance and tries to probe intothis problem from the characteristics of the board of directors:independence, behavior and stimulation traits. After the empiricalresearch the result indicates that except hypothesis 3 all the others are notsignificant. The arrangement of CEO and managers, the independentdirectors and the shares the directors hold are not significant. And theauthor shows his ideas. Chapter 4: Capital structure and corporate performance. This chapterdiscusses the relationship between capital structure and corporateperformance, the traits of capital structure in our country and theempirical research. The author thinks that debt finance will have impacton the agent cost and the stimulation of managers. The characteristics ofour country is that it is lack of sense to finance in debt, right of debtors isnot well protected and the...
Keywords/Search Tags:corporate governance, corporate performance, ownership structure, board of directors, capital structure
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