State-owned And Family-owned Listed Company Governance Structure And Company Performance Correlation Comparison Research

With the development of China's capital market and the listed company, how to regulate the system of governance of listed company effectively become a problem which need solve urgently. At the same time as the governance structure have a significant impact on the corporate performance, so how to optimize the governance structure to improve the corporate performance has an important practical significance. It becomes necessary to do some related research on the corporate governance system, especially in the face of the reality that the state-owned and the family-owned listed company are considered as two main components of China's capital market. So far, the academic circle at home and abroad have already do many researches on the correlations between the governance structure and the corporate performance, but based on the reality that Chinese special socialist market economic system and the major listed companies are controlled by the state-owned capital and the family-owned capital, needle for the correlation and comparative study on governance structure and company performance of domestic state-owned and family-owned listed company is still not enough. Therefore, this paper intends to consider the Corporate Governance Theory as the theoretical foundation, take the medicine listed companies as an example, doing some comparison study on the correlation of the governance structure and corporate performance with the state-owned and family-owned listed company.This paper uses qualitative and quantitative analysis method, attempting to do some research on the state-owned and family-owned listed company from the perspective of the corporate governance structure, in the hope that through the comparison research on the governance structure of the state-owned and family-owned listed company, analyzing both level of corporate governance and do correlation research on the level of corporate governance and level of corporate performance, then give countermeasure on how to standard corporate governance structure to improve corporate performance, so as to achieve the goal that guide state-owned enterprise reform and health development of the private economy. Firstly, this paper reviews the relevant research on the domestic and foreign corporate governance evaluation system, then through analyzing the related index of shareholder, board of director, management and other main component of the corporate governance structure of Chinese listed company, selecting the suitable index of Chinese various types of ownership on corporate governance evaluation system, at the same time, the corporate governance evaluation system is divided into the target layer, rule layer, measure layer and the formation of the governance structure index evaluation system model of Chinese listed company, Including three level one index, eight level two index, twenty-four level three index. Next measures the related index value of the measure layer, at the same time by using entropy method to determine the index weight of rule layer and measure layer, finally through the index selection, determination of index evaluation standard, index weight analysis, index numerical and other steps, formation the governance structure index evaluation system model of the Chinese listed company. Secondly, select a group of company performance correlation index through the listed company and make the principal component analysis, get arithmetic average of the comprehensive performance index of the state-owned and family-owned listed company from the year 2007 to year 2009 respectively, to express the level of performance of the listed company. Then thought the comparison we know that the mean value of comprehensive performance index of family-owned listed company is higher than the situation of the state-owned listed company, which show that the performance level of the family-owned listed company on the whole is better than the situation of the state-owned listed company. Thirdly, Using the governance structure index evaluation system model of Chinese listed company we can get the arithmetic average of state-owned and family-owned listed company governance index from the year 2007 to year 2009. after comparing, we can know the average value of the family-owned listed company governance index is higher than the situation of the state-owned listed company, which show that the governance level of family-owned listed company is better than the governance level of state-owned listed company. Finally, do regression to governance index and comprehensive performance of state-owned and family-owned listed company respectively, analyzing the situation of corporate governance influence on corporate performance, by comparing we can get the conclusions as follows: first, the governance index and the corporate performance has a positive correlation with each other in both state-owned and family-owned listed company, rising of corporate governance level helps to improve corporate performance level; second, the correlation coefficient of governance index and corporate performance of the family-owned listed company is larger than the correlation coefficient of governance index and corporate performance of the state-owned listed company, it shows that the corporate governance impact on the corporate performance of family-owned listed company is more than the state of the state-owned listed company. On the basis of analysis the causes of the above conclusions, give out the strategy on perfecting the governance structure in order to further improve the performance of the state-owned and the family-owned listed company.