Empirical Research Of The Influence Of Chinese Listed Companies’ Corporate Governance On Financial Risk

For a long time the research on financial risk of enterprises has been as an important issue in the financial field. Now in the fierce competitive environment, the existence of the financial risk for the development of enterprises will be a threat or even may cause the enterprise fell into the management crisis led to bankruptcy. But now there are many causes of enterprise financial risk, such as market environment, policies and other external factors are not controllable, corporate governance, capital structure and other internal factors can be controlled. Therefore, in order to effectively prevent and control the financial risks of enterprise, we should start the internal factors can be controlled. In the internal financial risk influence factors in the enterprise, this paper will select the aspects of corporate governance research.In ten years, China listed Enterprise Inc governance with economic development constantly standardize and perfect step by step. Especially in recent years with the policy of strengthening the legal construction and the stock market graDUALly standardized and other reasons, largely promote the corporate governance of listed Enterprise Inc, to promote the reform and development of Chinese listing Corporation. However, at present Chinese is still in the process of transformation from planned economy to market economy, improve the corporate governance mechanism still needs a long way to go, there are still many aspects need to be improved China listing Corporation governance mechanism. Such as unreasonable capital structure, internal control vulnerabilities. company executives to seek personal interests, which will lead to the expansion of corporate financial risk, and thus a threat to the development of enterprises. Therefore, to study the effect of listed Enterprise Inc governance on financial risk, can help enterprises to improve corporate governance, reduce financial risk, enhance the ability of enterprise risk control.Based on the influence of Enterprise Inc governance on financial risk of China’s listed as the research object, on the equity of corporate governance, the board of directors of the three characteristics of financial risk management, the characteristics of the study, and then find the best way to improve the corporate governance structure and reduce the financial risks of enterprise. This paper adopts empirical research method, to 2012,2013 years of the listing Corporation (except the financial sector) as the research sample, using spss2l.0 software, through the empirical test of the hypothesis, and then the conclusion of empirical model are explained, at last put forward opinions and suggestions corresponding results.The results of the study show that:evidence from the ownership structure, the proportion of state-owned shares and the proportion of tradable shares is high, the financial risk is higher; from the characteristics of board of directors, the size of the board of directors did not pass the significance test, and the proportion of independent directors and the coefficient is negative, shows that the independent director proportion the increase in the proportion of and can effectively restrain the financial risk, the number of meetings of the board of directors of the improved means increased financial risks; from the management characteristics, management shareholding ratio increased or reduced salary increases, the chairman and general manager are able to promote the enterprise financial risk.