A Empirical Study On Cooperate Governance And Performance Of Chinese Listed Companies Of Universitiesand Colleges

This paper studies Chinese listed companies of universities and colleges, it is to point to the listed companies which have college background or are held or shared by the enterprise group of universities and colleges.Chinese listed companies of universities and colleges is the advanced stage of enterprise of universities and colleges,is the results that universities go the road of "Production teaching and scientific research".Universities and colleges holding or sharing in the listed company directly is the peculiar school-enterprise cooperation practice.Chinese listed companies of universities and colleges not only transformed technology to achievements , and undertakes the responsibility of the adjustment of industrial structure and economic reform . Therefor ,the sustained and healthy development of the companies is particularly important.Good corporate governance structure has been acknowledged to help enterprises improve their management level, perfect management system and improve performance.About the relationship between corporate governance structure and corporate performance ,the previous have been doing a lot of research, and obtain abundant research achievements.But for Chinese listed companies of universities and colleges speaking, there is little research at home and abroad.In the paper the main research aim is to examine whether the companies could adjust corporate governance structure such as equity structure or salary design to make performance improve.Namely, trying to find corporate governance structure factors which could improve the companies performance.In order to study the relationship between corporate governance structure and operation achievement,based on the existing theoretical and analysis,the text study 31 samples of Chinese listed companies of universities and colleges from 2005 to 2009 by using SPSS V13.0 and Eviews 5.0. The selected indicators of Corporate Governance Structure including:Board,Outside,Leadership,Director Pay,Executive Pay,Concentration,.The text finally used Tonbin's Q ,ROE and EPS measure Operation Achievement,and take Panel Regression Analysis to test the relationship between Corporate Governance Structure and Operation Achievement.The study shows that there is negative correlation between the size of the board and performance (ROE,EPS);there is positive correlation between independent directors proportion and performance (Tobin's Q);duality of COB and CEO have positive effect on performance (EPS);there is positive correlation betwe en Z index and performance (ROE);there is negative correlation between the college shareholding and performance (Tobin's Q);there is positive correlation between the executive compensation and performance (Tobin 's Q) while negative correlation between executive compensation and corporate performance.Through the survey,we believes that it is necessary to take perfecting corporate governance structure as a core to improve the operation achievement of Chinese listed companies of universities and colleges.Some measures as follow:the elements of corporate governance structure.Streamline the number of the directors, optimize the size of the board;Strengthen the system of independent directors.Loosen the restrictions of duality of COB and CEO.Increasing the share ratio of controlling shareholders, to optimize the ownership structure.Colleges should straighten out the school-enterprise relationship of listed companies, and to reduce the administrative intervention, and make effective transformation of achievements in scientific research.