The Empirical Analysis On The Relationship Between Listed Cormpaniy Governance Structure And Corporate Performance

Today, the corporate governance that considered to be a core issue during the enterprise development has become the common problem, which the global economic development facing under the background of the economic globalization.Some relate issues about corporate governance structure are becoming a hot spot research between domestic and foreign scholars, especially the study on the relationship between corporate governance structure and corporate performance is more prominent, and gave birth to a lot of research results. But as a result of differate in research background, sample selection and index selection, the international scholars can not drow the consistented conclusions. In terms of our country, the present research literature are mostly based the equity division reforming of non-tradable shares of listed companies, but after the reform of non-tradable shares completed a period of time, research on the relationship between the corporate governance structure and corporate performance is relatively small. Based on this, the papers choose the distance for a period of time after completion of the reform of non-tradable shares of listed companies’ data as the research samples, analysis the relationship between the corporate governance structure and corporate performance during the period of this time, and try to put forward to advices on perfecting governance structure of listed companies.The paper uses the methods of normative analysis and empirical research. Firstly, introduces the related theories of corporate governance structure, and analyses the corporate governance structure how impact the corporate performance from the view of theory, and put forward to the research hypothesis. Then, use the method of empirical analysis study the relationship between the corporate governance structure and corporate performance, and choose the date of 528 listed companies from manufacturing industry of china between the year 2009 and 2013 as the research samples. Next, choose the first shareholder ’ s ownership proportion, equity concentration, the nature of the controlling shareholder, and proportion of tradable shares, the board size, board meeting frequency, CEO duality, executive compensation, executive shareholding as explanatory variables, then set up the multiple regression model.in the end,use the descriptive analysis, the correlation analysis and the regression analysis, to investigate how the index of the company’s corporate governance structure influence company performance, and draw the following conclusions: there is some relation of inverted’U’ between the shareholding ratio of first major shareholder and the corporate perfermance; there is significantly positive correlation between Check-and-balance ownership structure and the corporate performance, and so do the proportion of tradable shares and the corporate performance as well as executive compensation and corporate performance; At the same time,State-controlled, CEO duality, board meeting frequency show the negative correlation with corporate performance, but the relationships are not significant; there are also significantly negative correlation between Executives at stake corporate performance, so do the board size and corporate performance. At the end of the article, put forward to some suggestions on how to perfect the governance structure of listed companies in our country, in the same time, points out the limitations of this article.