The Effectiveness Of The Governance Structure Of Listed Companies In China's Financial Information-based Contagion Effect

The rapid development of China's capital market attracted worldwide attention,whose speed and achievements are unprecedented. While, in recent years, due tofinancial governance structure endanger the corporate governance and securitiesmarkets and foreign is not uncommon, large shareholders against in the interests ofsmall shareholders, state-owned shares in large proportion, property rights compete,operators and corrupt conduct a series of issues are emerging, fundamental research, inmuch the financial governance of listed companies in China imperfect structure isrelated. Above all, it is necessary to study financial governance structure of listedcompanies in China.Based on the core theory of ownership structure and bond structure in financialgovernance structure, this paper makes an exploration of the company's financialgovernance structure, and analyzes the influencing factors of the governance structure,whit the help of theoretical and empirical research. Besides, this paper also usecumulative excess returns to explore China's securities market, proved the existence ofthe information transmitted effect. Further more,on this basis; this paper uses anempirical model to test the impact of the governance structure of the company'sfinancial information contagion effect. Compared with the previous study on financialgovernance structure, the biggest innovation of this paper is: rather than using existingresearch income categories of indicators as the dependent variable to examine theimpact of the financial governance structure on firm performance, this paper introducethe information contagion effect, in the context of the Fukushima nuclear crisis in Japan,the sensitivity of the analysis of different financial governance structure for informationcontagion effect, and then to explore the effectiveness of different financial governancestructure.The results show that: information contagion effects are proved be existence inChina's securities market in the nuclear crisis, and showing the impact of negativeinformation is passed from the nuclear power industry to nuclear power relatedindustries. In the event window of (-1,+1), nuclear power listed companies receivedsignificant negative abnormal return, and exhibit the same fluctuations andnuclear-related listed companies; Under the influence of the contagion effect of negativeinformation, as the ownership structure of financial governance structure of the core, thestake of the controlling shareholder, and by the transmission of negative information effect of a negative correlation, the equity nature of information contagion effect there isno real correlation; the level of assets and liabilities related to the bond structure of thecompany by the transmission of negative information effect of the positive effect ofinterest-bearing debt variables listed companies by the transmission of negativeinformation effect of the degree of significant positive correlation; characteristics of theboard of directors, independence, and scale with the listed companiesby transmission ofnegative information effect of the degree of significant correlation between moderateincrease in board size, and equity moderate concentration can effectively resist thecontagion effects of negative information.