An Empirical Study Of The Relationship Between Board Characteristics And Operating Performance

Board of Directors is the core of leadership and top decision-makers in the corporate body, and it also is one of the most key internal mechanisms in Corporate Governance. A well-functioning board of directors can not only improve level of efficiency of the management, but also represent the interests of the shareholders, thereby substantially maintain corporate image and improve company performance. In recent years, that what features of the board of directors can improve their operational efficiency, thereby improve the performance of the company has been paid close attention by domestic and foreign scholars and professional organizations. As the core of enterprise governance, whether the board of directors of listed companies plays its due function and how the board of directors of listed companies plays its due function?Base on this, this paper first analyzes the literature relating the theory and practice between board characteristics and business performance, hereafter regards the Principal-agent Theory, modern Stewardship Theory, resource dependence Theory, internal control Theory as the guidance, systematic and comprehensive explores the relationship of the board of directors characteristics and corporate performance.This paper is the application of manufacturing industry in Shanghai and Shenzhen listed company data on board characteristics and corporate performance related empirical research. Firstly, this article introduces the research background and significance, the field research situation, the paper's guiding theory, research contents and research purposes. Secondly, the characteristics of the board of directors to measure the operational efficiency of their indicators are defined and analysis from the theory of how board characteristics affect corporate performance are detailed and then this paper proposes hypotheses of this article. Thirdly, the theory is proposed based on empirical research and related research model is built. Finally, use the data from the listed companies on the Shanghai and Shenzhen in the manufacturing industry to get the result between board characteristics and corporate performance.Finally, according to this research, this paper presents on perfecting board of directors of listed companies manufacturing enterprise governance reforms, and further proposes board of directors of listed companies operating mechanism and puts forward advices on how to improve the effectiveness of the board. Finally, further study of this topic is given direction and areas!...