The Research On The Effect Of Characteristics Of Board Of Listed Company On Cash Flow

The cause of the outbreak of the US subprime mortgage crisis in 2008 lies in the insufficient supply of cash and capital chain rupture.In real life,there are many companies failed in their operations because of capital chain rupture,in view of this,more and more companies start to focus on cash flow management to ensure the continued development of the capital chain.The company development is inseparable from the support of the capital,inadequate capital supply will affect the survival and development of the company.Essentially,the board characteristics have an impact on cash flow.The board as a crucial part of corporate governance mechanism is to build the bridge between shareholders and management,the level of efficiency is directly related to the realization of the value of the company and the level of protection of shareholders' interests.The board characteristics reflect the company's strategic,business philosophy,risk,etc.Different board characteristics,the affect directions of the cash flow and the extent will be different.Firstly,the article describes the background and significance through the Introduction,summarizes and analyzes the literatures at home and abroad through literature review method,proposes the theoretical basis,the research framework and research methods,meanwhile concludes the innovations of the article.Then,it summarizes the theoretical of the board characteristics and cash flow,introducing the meaning,compositions,and influencing factors of the board characteristics and cash flow respectively.Secondly,make theoretical analysis of the cash flow impact from the Board characteristics and propose seven hypotheses.Make analyses of different board characteristics how to impact on cash flow,and impact on which constituent elements of cash flow.Thirdly,select the Shanghai A-share listed companies as samples.Base on the construction of multiple regression models,through statistical analysis software to perform descriptive statistics,correlation analysis and regression analysis results,and thus examine the proposed hypothesis one by one.Finally,furthersummarizes the research results and to consummate the board characteristics and gives constructive suggestions to improve the efficiency of corporate governance,also analyzes the limitations of this article.