Research On The Impacts Of Directors Characteristics And Governance Performance Under The Perspective Of Heterogeneity

For historical reasons, state-owned enterprises accounted for the majority in our country,but the non-state-owned holding companies also increased year by year, and part of the state-owned enterprise are restructuring, state-owned shares has dropped below a controlling stake. The resulting corporate governance issues have caused the attention of many scholars, which are caused by the different nature of the equity in the performance of the enterprise. In recent years, board directors of the listed company governance improvement have meet on compliance, but lack in efficiency, the fact is urgently need to be bound to the board of directors system reform theory and practice of improving the performance of board governance. Therefore, research on which kind of the board characteristics can guarantee the board of directors perform their functions effectively and improve performance of board governance, is of great significance. Different theories of board governance theories give a certain explanation, but show some limitations in different situations. This paper argues that there is no such thing as an "optimal" structure, the board of directors set even if the same board structure for different enterprises or different stages of the enterprise, have different effects. By applying the theory of principal-agent theory, stewardship theory, the theoretical hypothesis was put forward from the theory analysis on the effect between the performance and the characteristics of the board of directors.The empirical results show that: The different characteristics of the board of directors to have a certain influence on the governance performance, but not dramatically. Such as the scale of the board and supervision behavior control performance is significantly invert-U relationship,which is not between the strategic performance. After introduced the characteristics of population regulation, the relationship between board characteristics and the governance performance also got certain improved, even opposite results were obtained. It did not exist in theory of "optimal" board settings, the same board settings will have different effect because of the characteristics of different people, which verifies the hypothesis of this paper. For independent director, the study found the independent directors to inhibit non-state-owned listed companies in the second kind of agency cost and the first kind agent cost of state-owned listed companies, but have little effect on the strategic behavior performance ascension, the independent director system remains to be further improved.