Research On The Relationship Between The Corporate Governance Structure And The Growth Of New Energy Listed Companies

With the increasing pace of economic globalization and the rapid growth of Economic developments in different countries,the exploitation and utilization of new energy has been an important strategic of energy resourcein the world’s developed countries. In the rapid growth of new energy industry in China, at the same time, there are many problems in the new energy industry, such as overheated investment, immature market and weak independent innovation capability. How to overcome the problems appeared in the process of development for the sustainable development of the new energy industry, will be the problem which the new energy industry have to face. Fine corporation governance structure, as is well-known, is the foundation of the sustainable and healthy growth of company, for which the relationship between corporate governance structure and its growth achieve more and more attention.Therefore, this paper chooses the relationship between corporate governance structure and its growth as the research topic, which has an important practical significance to solving the problem new energy industry facing and strengthening the growth of new energy listed companies.Based on the Principal-Agent Theory, combining with the research results of domestic and foreign scholars about the impact of corporate governance structure on growth, this paper chooses new energy listed companies in our country asaresearch object. Through PCA building the evaluation index system of their growth, this paper try to conduct a study about the growth of new energy listed companies by the catastrophe progression method in2010-2012. Then combing with the growth rate of30new energy listed companies calculated by the catastrophe progression method, this paper chooses three aspects representing corporate governance structure, consisting of ownership structure, board governance and management incentive, to respectivelyconduct a study, which do a research on the relationship between the corporate governance structure and the growth of listed companies in new energy industry by multiple linear regression model. Finally, through theoretical analysis and empirical study, the results shows that the corporate governance structure of listed companies in new energy industry has an important influence on corporate growth. Firstly, in the aspect of the growth of new energy listed companies, each corporate growth with obvious heterogeneity had a great correlation withindustry classification. The profitability of the new energy enterprise was the key to the effect on their growth. The trend of the rank of debt paying capacity, operating capacity and development capacity had a weak correlativity with the overall trend of the rank of growth. The corporate with the fine classification of the industrial chain had a relative good ranking, and the corporate with the diversified development of the industrial chain had a relative bad ranking.Secondly, in the aspect of ownership structure and growth, the share proportion of first major shareholder and the growth showsa weak negative correlations.Equity restriction ratio and the growthshows a weakpositive correlations.The proportion of state-owned shares and controlling shareholders is not significantly related to the growth.Thirdly, in the aspect ofboard governance and growth, the board size and the proportion of independent directors has a weak relationship with the growth. The duality of board chairman and general managerthe establishment of professional committee is not significantly related to the growth.Finally, in the aspect ofmanagement incentive and growth, theannual salary of management and the growth showsa positive correlations. Themanagerial shareownership is positively related to corporate growth but not significant.From the above, the research on the relationship between the corporate governance structure and the growth of listed companies in new energy industry makes up for the deficiency of existing relevant research, and improves the related theory of corporate governance and the evaluation index system of the growth of new energy listed companies. Meanwhile, the results in this paper have important significance in promoting the growth of new energy listed companies in the future.