Study On Corporate Governance And Technical Efficiency Of Listed Companies

In order to achieve the healthy and continuous development of our economy, and improve the national creativity and competitiveness in 2020, the central government put forward the strategic target of constructing an innovative country in China, and stressed that enterprise is the main body of innovation in the process of building an innovative country, Ultimate shareholding have the real voice of enterprise, the ultimate control of decision-making play an important role to the enterprise strategy implementation, so the corporate governance structure and technical efficiency is critical.In this paper, based on the perspective of ultimate control person, we estimate the technical efficiency of listed companies from the micro level first, and then leading edge method to measure,from the time span, property rights, research, development investment structure and the regional difference four angles to analyze the relationship with technical efficiency; Then, this paper based on unbalanced panel data, empirical study the impact on technical efficiency from whether the ultimate control of listed companies of state-owned property, ultimate control person degree of checks and balances of listed companies, listed companies the ultimate controller to control concentration of equity as well as the scale of the board of directors of the listed company, executive director of the proportion of people from the ultimate control, non-executive directors from ultimate control and independent directors proportion heterogeneity factors.Based on the deep Shanghai listed companies in 2007-2014 of 959 sample companies as the research object, Study on corporate governance and technical efficiency of listed companies: Based on perspective of ultimate shareholding, by the micro perspective, through theoretical analysis and empirical test, got the conclusion as follows:1.From the technical level of efficiency:Sample technical efficiency of listed company’s annual change with the change of economic environment, and is strongly influenced by policy, fully illustrates the enterprise is the main body of market; When first the ultimate control of the target enterprise state-owned property, the efficiency value is superior to the non-state attribute of target enterprise; The R&D intensity of listed companies there is significant positive influence on the technical efficiency, but the research and development of scientific research personnel per capita disposal costs between ten thousand to hundred millions have the best technical efficiency values; Our country east Midwest change with the practice of listed companies tend to be convergent, and the technical efficiency of listed companies in the Midwest exists the tendency of convergence in the eastern region; Through perfecting its own governance structure of listed companies and the rational allocation of its factor endowment structure, efficient use of capital investment can promote the efficiency of implementation technology.2.From the relationship between structure and technical efficiency of governance level:Board scale and technical efficiency were negative correlation; The more the number of thecompany’s executive director from ultimate control person, the company’s technical efficiency will be higher accordingly, and the executive directors from the ultimate control has significant effects on the efficiency of the technology, noted that: executive director of the proportion of people from the ultimate control and the company there is a positive correlation relationship between technical efficiency; the number of Non-executive directors from ultimate control have positive correlation relationship with technical efficiency of the enterprise, but the effect is not significant, which to a certain extent, indicates that non-executive directors from the proportion of ultimate control person and enterprise technical efficiency is positive correlation between this assumption; Heterogeneity of independent directors have positive effects on the technical efficiency of enterprises; First ultimate control for state-owned property of listed companies have significant positive influence on the technical efficiency of listed companies;The number of people from the ultimate control have positive effects on the technical efficiency of enterprises; The ultimate control of ownership concentration and corporate technical efficiency were negative correlation.In this paper, the study found that from the perspective of the ultimate controller of ownership structure and board structure of listed companies under different impact on technical efficiency, and with the different human nature to ultimate control, results also will produce different effects. Based on the above research, this paper, to improve the efficiency of enterprise technology, improve the corporate governance structure puts forward the corresponding policy recommendations, mainly includes: the listed company shall improve its board of director structure, to strengthen enterprise’s ownership balance degree, moderate shareholding concentration, perfect the enterprise R&D structure of factor endowments.