Research On The Relationship Between Corporate Governance And Operation Performance Of Listed Port Companies

China’s port management system was born in the condition of a serious shortagein supply capacity, essentially the port which is directly under the leadership of centralgovernment, and the port which is under the leadership of both central and localgovernment change into the port which is under the leadership of local government. Inthe restructuring process, port enterprises have to choose the new management model,they hold different views on the current international mainstream landlord port model,and some companies have chosen to pick the port management model which is similarto landlord port management, some other port enterprises hold reservations oflandlord port management, so that our stage port enterprise management differs andbrings different corporate governance structures. Currently, China has the largestnumber of listed port companies, which has made tremendous contributions to therapid development of China’s port industry, but in recent years, part of the listed portcompanies face the situation of poor performance. The results of the majority ofscholars showed that corporate governance structure will affect the operationperformance, then whether the corporate governance structure would affect theoperation performance of China’s listed port companies is worth studying.This paper is based on China’s listed port companies’ data of2012, choose theeffect of the listed port companies’ management model as object of the research,theoretical analysis and empirical research on the relationship between the corporategovernance structure and the operation performance listed port companies. Inqualitative terms, the relationship between governance structure and corporateperformance is theoretically explained; in quantitative terms, select some listed portcompanies’ performance indicators, using principal component analysis to evaluatethe performance of listed port companies, get the breakdown performance and overall performance of listed port companies, and then put the evaluation results and thegovernance structure variables in the multivariate regression, empirical research onthe impact of the corporate governance structure of listed port performance,preliminary inquiry the applicability of landlord port model based on the empiricalresults, and make recommendations to optimize the port management model of listedport companies to promote better and faster development of China’s port industry.This study found that, at this stage the governance structure of China’s listed portcompanies has distinctive characteristics of ownership structure, board governance,managers inspire; empirical results of each segment performance and the overallperformance of the port and the port governance structure shows that as for theoperational capacity performance and overall performance of the port, the proximityof the port landlord port management model than the port management modeldeviation from the landlord port model is more able to promote the development ofthe port; as for the operating income increased capacity performance of the port, thedeviation from the landlord port management model better able to promote thedevelopment of the port; profitability performance of the port, solvency and assetgrowth performance of the port is no statistically significant relationship with theperformance of listed port companies.