An Research On Corporate Governance Structure And Chinese Manufacturing Corporate Performance Evaluation

With the further development of economic globalization, corporate governance structure has gradually become the core of the research on corporate theory, and its stand or fall also turns into a vital symbolic factor to measure the core competitiveness of one country. While in recent years, the emerging problems, such as Yingguangxia, Enron accounting fraud case etc have caused enormous harm to the stock market and investors in domestic and international capital markets. Facing the severe reality, theorists, practitioners and the vast majority of investors are becoming increasingly aware that wholesome corporate governance structure is not only the key to keep enterprise competitiveness and the vitality of development, but also the basis to ensure the normal operation of the national economy. In current world, therefore, corporate governance structure as global hotspot is being given unprecedented attention.The core issue of corporate governance structure is to ensure scientific decision-making and improve corporate performance. The level of corporate performance is the most effective and direct reflection to measure whether the corporate governance be healthy or not. Therefore, exploring the effects of the factors of corporate governance structure on corporate performance shows both theoretical and practical value.On the basis of summarizing the domestic and foreign research achievements, and according to the current situation of China’s listed corporations. This paper comprehensively analyze the factors affecting manufacturing corporate performance from the aspects of corporate governance structure, including ownership structure, board characteristics, management incentive, etc. Taking 733 manufacturing enterprises after eliminating abnormal data obtained in 2009 listed manufacturing companies as research object, this paper adopt the combination of qualitative analysis and quantitative analysis methods for empirical analysis. Mainly include the following aspects:(1) Based on a review of related domestic and foreign research literature, we comprehensively expound the meaning of corporate governance and its theoretical basis. Then after comprehensive comparison of the corporate performance measures, we put forward using principal component analysis to construct a comprehensive evaluation index to value corporate performance.(2) Empirical research on the basis of theoretical analysis. Select 11 financial indicators from the above 733 manufacturing enterprises as starting point, and then build corporate performance comprehensive evaluation index M through the principal component analysis. On the basis of the above enterprises’ governance structure data and M data in 2009-2013, we set up panel data model to research the relationship between the main components of the corporate governance structure and the corporate performance, in order to offering theoretical and empirical evidence for the perfection of corporate governance structure.(3) In the end, according to the empirical results and the defects of the corporate governance structure in our country, we put forward corresponding countermeasures and suggestions in order to perfect the corporate governance structure and improve corporate performance through three aspects-- ownership structure, board characteristics and management incentive.