Company’s Internal Governance Structure Influence On St Company To Cancel The Special Treatment Research

After the implementation of Special Treatment system, some companies to take emergency measures to cancel the special treatment, but because of the financial situation continued to deteriorate, special processing has experienced more than once; however some ST companies in financial difficulties, analyze the causes and take appropriate measures, really lifted the financial distress. In this paper, through analysis and comparison of these two types of company, found that the level of corporate internal governance structure is the deep reason of two types of companies in different fate. Corporate internal governance structure is an important aspect of corporate governance, its level of governance directly related to the survival of the enterprise. Research the company’s internal governance structure influence on ST company to cancel the special processing, help enlightenment for the construction of the governance structure of listed companies in our country, to further improve the competitiveness of the company, can also improve the benign development of capital market in China.This paper adopts normative research and empirical research, qualitative analysis and quantitative analysis method of combining the study. The first chapter introduces the selected topic background, research significance and methods, etc;the second chapter introduces the theory of knowledge involved in this paper and the related concept,including principal-agent theory, contract theory, incentive theory, information asymmetry theory, stakeholder theory, and carries on the definition of internal governance structure, and introduced the related knowledge of special treatment system; The third chapter on the basis of theoretical analysis on the company’s internal governance structure of equity ownership structure, board characteristics, characteristics of the board of supervisors of ST company to cancel the influence of the special treatment for analysis, and proposed the research hypothesis; the fourth chapter is the empirical analysis using the non-parametric test and Logistic regression method; the fifth chapter summarizes the the research conclusion and the insufficiency, and puts forward to perfect the internal corporate governance structure of our country’s advice.Through the study found that equity concentration ratio in corporate internal governance structure, equity checks and balances, the proportion of independent directors, the frequency of board meetings and size of the board of supervisors, board of supervisors shareholdingcompany internal governance structure indicators do affect ST company successfully cancel the special treatment.But also noticed that part of ST company internal governance structure construction in China is not perfect, enlighten our country listed company should be according to the company’s internal governance problems to improve the enterprise’s financial condition, thus improve the overall level of the listed company of our capital market.