Research On The Influence Of Board Characteristics On Corporate Performance

With proposing of the "Internet plus" concept and strategic plan and development of networking,intelligent terminals,cloud computing,big data,mobile Internet and other new generation of information technology in the government work report in2015,the information technology industry is closely related to national strtegic planning,which has been attracted the attention of all sectors due to the factors affecting and the development direction.How to improve the information technology industry company's board governance in order to achieve the growth of the company's performance and scale development,which becomes the key issues of the industry's development needs to solve.The principal agent relationship between shareholders with the board and between the board with the managers has been an integral part of corporate governance in two levels.The board of directors is often on the core and key position in corporate governance.It as a manager is also a layer of the principal, the different governance characteristics directly determines the corporate governance efficiency and effect, which will have a decisive impact on corporate performance level. This paper selects 324 information-technology industries which have listed in Shanghai and Shenzhen A-share from 2012 to 2014.Three aspects of the board governance have been carried out descriptive analysis, then using the factor analysis method to quantify the company performance indicators. At last,it analysis empirically the relationship by the statistical analysis tools and draws the following conclusions:1.The operational efficiency of the board:A negative correlation is between number of meetings of board and corporate performance;The scale of board and corporate performance is an inverted U-shaped relationship;The academic level of director and corporate performance is positive relationship at the 0.1 level;The age of director and corporate performance is negative correlation at the 0.1 level.2.The structure of the board:The chairman and the general manager is merged into one that was a negative correlation with corporate performance;The proportion of independent directors is positively correlated with corporate performance.3.The incentive system of the board:The average salary of the directors and the corporate performance is positive relationship;The independent directors' allowance and the corporate performance does not have the correlation;The proportion of directors' shares is positively correlated with the corporate performance.According to the conclusions based on the empirical analysis and the results of descriptive statistics about characteristics of the board of the listing corporation in the information technology industry,the paper analyzes the influence of characteristics of the board of the listing corporation in the information-technology industry to the corporate performance in order to provide policies and recommendations on the aspect of optimizing the directors' selection mechanism, improving the directors' salary-structure and improving the governance efficiency of the board.It provides support and decision that has applications in business,education,medical and various fields of the development of the information-technology industry in order to further expand the industrial-chain market size and urge Chinese traditional industry to transform and promote.