| This text refers to the literature on corporate governance from domestic and foreign, invites anew measurement to measure the efficiency of corporate governance from the perspective of thecompany’s core competitiveness. This paper firstly selects listed high-tech enterprises inGuangdong Province of2001-2012as samples, using maximum likelihood estimation method tomeasure agent cost and weight the efficiency of corporate governance. This study found that:the rate of capital accumulation, rate of return on total assets, the rate of return oncapital investment, the rate of sales growth and Tobin Q value are positive correlated to the corecompetence of listed high-tech company in Guangdong Province, but firm size is negativelyrelated to the core competence of listed high-tech company in Guangdong Province; In variousgovernance mechanisms, executive compensation, concentration of ownership, managerialownership and cash holding ratio have a very stable effect; The results show that executivecompensation, managerial ownership and cash holding ratio can effectively reduce the agencycost, but concentration of ownership will increase the agency cost. Debt financing has arole in reducing agency cost, but not stable. The independent directors can reduce little agencycost effect; the sample shows listed high-tech company governance efficiency inGuangdong Province is low, the average efficiency of corporate governance index is0.3769, butthe average of2008-2012average is slightly below the average before2008, this result suggeststhat affected by the economic crisis, the corporate governance efficiency decreased slightly. |
