Board Characteristics And Efficiency Of Investment And Financing

Now people hope for the company social responsibility obligations, investor relations management of the corporate governance issues needs to become more social. In terms of social responsibility, an enterprise shall bear the corresponding social responsibility; From the investor relations management, enterprises should pay attention to protect the interests of stakeholders. Reality shows that many enterprises investment and financing has been due to their internal governance issues problems, is typically listed companies generally have low efficiency of investment and financing, financing difficulties, financing cost is high and the low utilization ratio. This will directly affect the enterprise value and damage the interests of stakeholders. How to guide enterprises to establish a scientific and reasonable management mechanism will be a problem to be solved currently, one of the board of directors as an important supervision enterprise internal governance mechanisms of how to effectively play a role, adjust their own set of investing and financing to produce positive effect is also very important research direction. Throughout the domestic and foreign scholar’s research results, the characteristics of the board of directors of the research are almost limited to the scope of corporate governance. Board of directors as the company’s internal management the focus of the research object, has a significant effect on enterprises investment and financing efficiency.This article main research object is listed on the Shanghai and Shenzhen two city’s food and beverage enterprise in our country, the enterprise all belong to fast moving consumer goods industry, market competition is big, high customer loyalty is low. cash flow, etc. The current situation, due to the policy requirements most enterprises have formed the board of directors, board of supervisors, general meeting of shareholders "three will sound" model, combining with the senior management of has formed a relatively perfect system of internal governance. As the emphasis on internal governance problems, how to optimize the internal governance structure also positively affects the corporate performance related with investment and financing efficiency. As2008begins with the "sanlu milk powder" incident of domestic food safety problems worse, listed on food and beverage industry in our country under the impact of the market, the management layer, executive layer and the effectiveness of the internal corporate governance has also been questioned. On the board of directors of the food and beverage industry and the investment and financing efficiency problem for studying the system analysis, has important significance not only to the board of directors play a positive role, also to our country food and beverage industry investment and financing efficiency improvements play an important role. The improvement of the internal governance and improving the efficiency of corporate investment and financing is closely inseparable, the improvement of the party shall give the other party to create a better opportunity. This article attempts to the board of directors of the China’s food and beverage industry, investment and financing efficiency, and the relationship between research are discussed.Board features are in the study of combination and corporate performance indicators, rarely put the governance of the board of directors and the company’s investment and financing efficiency in study together. The innovation of this paper lies in that the combined investment and financing efficiency, and the board of directors characteristics as explained variable measure their influence on enterprises investment and financing efficiency.