The Governance Structure Of The Listed Companies In General Internet Financial And Its Impact

With the development of the Internet finance, more and more non-financial enterprises crossover into the Internet financial sector, this paper defines those as general Internet financial companies. In the course of operation of these enterprises, technological innovation plays a crucial role. The corporate governance structure is the important factor to technological innovation, and effective corporate governance is the basis for the company to stable development. Therefore, to discuss the governance structure of the listed general Internet financial companies is not only beneficial to the technological innovation activities, and to raise their competitiveness in the Internet financial sectors; also can provide experience for the subsequent development of Internet financial services companies.The paper studies the governance structure of the listed general Internet financial companies in China and its impact. First, the paper reviews the related theoretical basis and literature. Then, the paper analyzes the Internet financial business and corporate governance of the listed general Internet financial companies, with the example of HUNDSUN technologies, and summarizes the particularities of this type of company governance. Finally, the paper carries out the empirical analysis of the company’s governance structure and its impact.This empirical research makes the following conclusions: [1] Technological innovation has important influence on the management of the listed general Internet financial companies. It is not only to provide support to new products and services for the company, but also to provide security for the company to layout of the Internet financial business. [2] Technical is an important feature of the governance structure of the listed general Internet financial companies. Most members of the company’s board have technical related professional background, and technology research and development class staff occupies large proportion in the total number of employees in the company. [3] The governance structure of the listed general Internet financial companies has important influence on technology innovation activities and financial performance. The scale of the board of directors, executives shareholding, institutional investors holding and R&D team size all have a significant positive effect on R&D spending. And the sum of the top 10 shareholders ownership, institutional ownership and the research and development expenditures to total assets ratio have significant positive influence on the ROE of the company.