Study On The Mediating Effect Of Corporate Stratery To Corporate Governance And Corporate Value

With the goal of maximizing the value of a corporate, the corporate value drivers increasingly become the object of attention of corporate financial management literature. The introduction of corporate governance perspective not only enriche s the understangding ways and expands research questions, but also increases the complexity of the company’s value drivers problem. Despite a large number of empirical literature confirms that the corporate governance has a significant impact on the value of the company, but exactly how the corporate governance affect s the corporate value is not very clear. The corporate strategy is the direct power to affect the value of the corporate, and corporate governance plays a decisive role in strategy formulation and implementation. Accordingly, we believe that corporate governance thus exerts influence on the corporate value by affecting the company’s strategy, namely the impact of corporate governance on corporate value is achieved through the corporate strategy.This paper discusses the path that the corporate governance affects corporate value theoretically and selects 2008-2013 Shanghai and Shenzhen A-share listed companies as samples, then proves the relevance of corporate governance and corporate value and the company strategy’s intermediary role empirically. The results show that the proportion of outstanding shares has a positive relationship with the corporate value, but not significant. Equity balance, ownership concentration, the size of the board, the proportion of the board directors receiving remuneration and the two jobs separate cases of Chairman and general manager have a significant positive impact on the value of the company and the positive effect of equity balance, ownership concentration, the proportion of the board directors receiving remuneration and the two jobs separate cases of Chairman and general manager on corporate value in part conducted by the low-cost strategy and differentiation strategy,but the corporate strategic doesn,t have mediating effect on the scale of the board and the corporate value. The results of this paper are to further improve the corporate governance structure with providing a theoretical basis and empi rical support for listed companies and are of great importance to the long-term development of the capital market.