A Study On The Board Governance Of Chain Listed Companies In Hubei Province

The board of directors is the core of corporate governance, the level of governance directly affects the company’s ability to realize sustainable development. Studying on the board governance helps to provide decision-making information for the investors, helps the government regulators to master the corporate governance situation and ensure the government regulation target. It is beneficial to get long-term competitiveness of listed companies, healthy and sustainable development. So both in theory and practice, the research has important significance to the board of director governance problem.The paper based on the basis of a large number of research literature, according to the key factors of board governance, in line with science and objectivity principle, using the relevant data of 2014 listed companies in Hubei to construct three dimensions (the board structure, board independence, director of the incentives and constraints) and index of the board of directors governance analysis standard of 25 children.First of all, from the overall level of the board of directors of the listed company governance in Hubei are analyzed, which found that the listed company of Hubei province in terms of industry, industry regulatory requirements high, and competitive industries (such as construction) governance level is higher, its board of directors and the board of directors of the traditional industries such as manufacturing, retail management level is low. From the point of the nature of the equity, the board of director governance as the ownership of state-owned shares, down after rising first, presents the inverted u-shaped relationship; State-owned listed company’s governance level is higher than the private listed companies. From different cities, the difference of Hubei board of directors of the listed company governance level is not obvious. From the point of different securities sector, Shenzhen main board, small and medium-sized enterprises board listed company, its board governance level is higher than the main board listed companies in Shanghai. The gem listed companies have the lowest level of board governance.Analysis the structure of the board of directors of the listed company of eight indicators statistical found that the proportion of outside directors is not high, the independent directors proportion less than two-thirds of the enterprises accounted for 54.76%, chairman of the board of directors and general manager of the phenomenon is serious, and the chairman of the board of directors are controlled by large shareholders serious (32.14% of the enterprise use the same person as its chairman and general manager,39.29% of the enterprise from its chairman and largest shareholder units). It is not really implement the cumulative voting system and its implementation, the subprime committee of the board Settings need to be further improved and strengthened. The analysis results of director independence of 9 indicators statistical are not satisfied, board independence is form over substance. Of incentive and constraint of eight indicators statistical analysis showed that 84.52% of listed companies did not disclose the assessment results; 78.57% of listed companies are not publicly its directors code of conduct or rules and regulations; Director compensation disclosure are not ideal (2.38% of the companies did not disclose the director compensation,52.38% of companies are just simple disclosure of director compensation situation), in all the main problem is the director of the incentive and constraint of asymmetry.This paper is divided into seven chapters:first chapter is the introduction, the second chapter reviews the related literature, the third chapter analysis the board of directors of the listed companies in Hubei governance research scope and methods, the fourth chapter analysis the status quo of the board of directors of the listed company governance level of Hubei province, the fifth chapter is Hubei board of directors of the listed company governance problems and cause analysis, chapter 6 is for the policy recommendations, the seventh chapter of this paper is summarized and points out the follow-up research directions.