Based On Empirical Research, Between The Degree Of Operating Results Of Listed Companies Internal Risk Governance

This paper attempts to listed companies in China as a research object, research perspective is the company's operating results, the research topic is several major features of the internal corporate governance equity agency, board size, proportion of independent directors, chairman and general manager of two jobs set statusmanagement incentive and restraint mechanisms, internal control system, the quality of information disclosure. Selected measure of operating performance indicators listed companies in China and some scholars use the single-variable indicators, but draw on previous research results and taking into account the characteristics of listed companies in China, using principal component analysis method to measure its consolidated results of operations, in order to more fully examine the relationship between the company's internal degree of risk management and corporate operating results.Therefore, this study includes the theoretical relationship between the level of internal risk management and business performance analysis, on the other hand, in the empirical study on randomly selected from China's non-financial listed companies in Shanghai and Shenzhen473companies in2009for the study sample, select the ownership structure of listed companies, the board characteristics, board size, the proportion of independent directors, chairman and general manager of two set situation, the management incentive and restraint mechanisms, internal control system and information disclosure of the relationship between quality and business performance of the descriptive analysis, the most central part of the regression analysis, the two delve into the relationship between the listed companies in China internal risk management degree of enterprises operating results.The specific content is organized as follows:The first part is the introduction. Described the background and significance of this study, this study of innovation and at home and abroad governance risks and causes.The second part of the research situation. Which gave a detailed literature review, research results and the status quo at home and abroad on the relationship between the degree of risk management and operating results of the internal, then the relationship between several features of the internal risk management and operating results, the whole basis of reviews. And the current literature findings gave a brief evaluation.Concepts and theories of the third part of the internal degree of risk management and the analysis of operating results of listed companies into the comments. First, several important concepts related to this article:principal-agent theory, the theory of risk management and risk management and governance risks defined.The fourth section presents the research and design of the Empirical Study of China's listed companies internal risk management extent with the company operating results. Including sample selection, variable description of proposed research assumptions and design of the model, which in the variable section details how to score using principal component analysis method to calculate the consolidated results of operations of listed companies in China. This section to lay the foundation for the next empirical study.An Empirical Study of the fifth part of the internal relations of the degree of risk management and the company consolidated results for the listed companies in China.First of several features of the internal risk governance of listed companies in China were descriptive analysis; then analyzed the correlation of the elements of China's listed companies in the extent of internal risk management; by regression analysis of the extent of internal risk management company of listed companies in China operation of the correlation between the results.Part VI is the conclusion of this study, the conclusions before empirical research to improve internal risk governance mechanisms of listed companies in China, thereby increasing the recommendations of the operating results of listed companies in China. Papers innovation:In this paper, the company's internal risk management connotation detailed analysis, careful analysis between the degree of internal risk management and the operating results from the theory and experience.Chinese listed companies to conduct empirical research to illustrate in the reality of the context of China, listed within the internal risk management should focus on to improve from the main aspects affect the value of the company. These aspects are how the changes affect the company's operating results.This paper not only studies the internal degree of risk management variables and operating results of the linear relationship between the dependent variable, and also studied the nonlinear relationship may exist between them, the principle of the data to speak more accurately reveal the inherent relationship of the degree of internal risk management and the company's operating results for the future of such studies provide an idea.In addition, the inadequacies of the study:(1) of the domestic securities market was established relatively late time of the development is only a short period of ten years, compared with the advanced stock market there is a great gap. To get a complete and accurate data of listed companies, but is not an easy thing, coupled with the sample size is very small, even more difficult. Domestic listed companies in the industry structure and market structure of the data is not very comprehensive, according to industry segments of the financial position of the company's empirical test is not realistic;(2) paper only with a deep and Shanghai part of the business relatively good information on listed companies, the number of samples, it will be unavoidable sample selection bias, the results also applies only to the good operating results of listed companies, while generally other companies, its guiding significance;(3) the complex factors that affect the value of listed companies, because of my ability and level of research is limited, the difficulty of data access and mobile data, this is only the risk of corporate governance internal factors is more comprehensive analysis of external factors that affect corporate governance is not very comprehensive. But also because of unpredictable factors such as data collection difficulties and external variables, analysis of results is not perfect, but I hope that through study and research in the future, to have the opportunity this proposition in-depth study, deepening of corporate governance and governance structure and comprehensive study of the company's risk governance structure.In summary, this paper hopes to pass to explore China's listed companies within the field of risk management to improve the effectiveness of the governance structure of listed companies to enhance the company's operating results.