Impact Of Corporate Governance On The Value Of Listed Companies In The Development Zone

With the development of world economy, corporate governance issues becomeincreasingly important focus of national concern, and good corporate governancehelps to strengthen the competitiveness of modern enterprises, creating a higher valueof the company, corporate governance and is closely related to the value of thecompany, improve the governance structure encourage enterprises to improve thebusiness model, improving management capacity, good corporate governance systemto contribute to corporate value, otherwise it will hinder the progress of thedevelopment of enterprises, a significant reduction in the value of the company.At present, there are some limitations for the study of corporate governance andfirm value. First, the domestic research mainly focus on a point of view of corporategovernance, ownership structure, board a comparative study, the lack of examinemany aspects of corporate governance from the overall perspective, the lack of amore comprehensive system of research; research on corporate governance and firmvalue in the form of empirical research, over-reliance on the data, lack of specificityfor different enterprises in different industries, the corporate governance structureshould also be different.There are more than20development zones in China, They have differentdevelopment characteristics. This research is more accurate and the conclusion ismore responsive to the development of the Development Zone of listed companies.This paper chooses Changchun High and New Technology Industries and ChangchunJingkai.In recent years, Changchun High and New Technology Industries has thestable stock prices and higher value, In contrast, Changchun Jingkai has so manyproblems.In this article, Firstly use the economic value-added method compare the"Changchunjingkai" and "Changchun High-tech" company value, and then combined with the financial analysis to examine the ability of the enterprise in terms of debtservice, operations, profitability and development, Changchunjingkai has lower value.The reason for its corporate governance characteristics affect the value of thecompany, Changchun High-tech corporate governance is more successful, diversifiedequity properties and moderate concentration of ownership concentration, thecomposition and stability of the management performance of their duties capacitythan well, the development of good corporate value increased year by year. CorporateGovernance Changchunjingkai there are aspects of the problem, approached the tenlargest shareholder is mainly composed of individuals and small ownership, leadingto adverse corporate governance, shareholder control over the weakening of thedecision-making difficult to implement in the equity properties; extremely frequentmanagement changes, resulting in management can not be very good understandingof the affairs of the company to grasp the direction of the company, unable to makethe most appropriate corporate policies; the other board members to participate in theaffairs of the company enthusiasm, often absent, the Board inefficiency problemscaused by the Board of Directors decision-making errors. Problems in corporategovernance, ownership structure, board of directors and senior executives suggestedthat the proposal to establish a diversified moderately concentrated ownershipstructure, improve the size of the board and independent director system, improve theselection system and incentive executives constraint mechanism. Thereby enhancingthe value of the company.