Empirical Research Of Corporate Governance And Corporate Performance Based On Perspective Of Diversification Strategy

In the1950s, the strategic master Ansoff put forward the concept of diversification, the international academic circles have conducted extensive concern. Many companies in the management and development would choose to implement diversification strategy, but the effects of diversification strategy for the company’s performance, the theoretical circle is diversified "premium""discount" and "neutral", and many other views. And the company’s internal investors and managers to correct the implementation of the diversification strategy has in large part to under the influence of corporate governance factors. So the differences in corporate governance is bound to policy makers in the company that affect the choice of the diversification strategy, which affect the implementation of the strategy of diversification and corporate performance. This shows, corporate governance, the implementation of the strategy of diversification and performance between the direct or indirect contact.Perspective based on the diversification strategy, to build the corporate governance, diversification strategy and corporate performance, a comprehensive theoretical model respectively, using theoretical and empirical methods to analyze and verify the relationship between corporate governance and the strategy of diversifying, the relationship between diversification strategy and corporate performance, and explores the strategy of diversifying in presence of intermediary role between corporate governance and corporate performance.This article selects2011to2013in Shanghai and Shenzhen stock exchange listed manufacturing companies as samples, and from the aspects of ownership structure and board governance division for corporate governance; with Entropy index, Herfindahl index and the number of business units to measure enterprise diversification; using principal component analysis method to calculate comprehensive company performance indicators for evaluation. Using multiple regression analysis and intermediary inspection model, obtained the relationship between corporate governance and diversification strategy, discount of diversification strategy on the performance of the company, at the same time to verify the diversity strategy in part played a mediating role between corporate governance and performance. In the end, for the Chinese capital market situation and characteristics of listed companies, the article made several policy recommendations. To optimize the corporate governance structure and governance mechanisms to reduce agency problems within the company, to prevent excessive diversification strategy brings enterprise performance impairment phenomenon.