The Research Of The Effect Of Private Listed Corporate Governance Structure On Performance Based On The Pharmaceutical Manufacturing Industry

Medicine manufacturing industry listed companies in our country has got a huge development along with relevant government support policies. And the continuous GDP growth are in the top three in a wide range of industries in our country over the years. But it also exposed some problems with the huge development of our Pharmaceutical manufacturing industry, such as the proportion of independent directors set inappropriate, single executive incentive form and so on. Analyzing structure problems in medicine manufacturing industry in our country, and putting forward solutions is good to the development of our country medicine manufacturing industry. In view of the study of the governance structure of listed companies which is done by the previous scholars tend to focus on all of the listed company, or a plate of listed companies. There are few structure of an industry analysis in our country. This article analyzed the problems of the governance structure of listed companies from the perspective of corporate governance of our country and thinking of measures to solve the problems which is good to the improvement of its performance.We define related concepts and the theoretical basis of this article on the basis of the domestic and foreign about the study on the relationship between the corporate governance structure and performance. Then analyzing medicine manufacturing industry characteristic on the basis of the simple introduction of our country medicine manufacturing industry. On the basis of above analysis, this paper selected 284 listed companies in medical manufacturing industry in China which is from 2011-2013 as samples, and established the regression model.corporate between the performance and corporate governance structure characteristics. Research results show that there is no significant relationship between performance and ownership structure variable in our country medicine manufacturing industry listed company; and the performance is inversely proportional with the size of the board, is inversely proportional to the proportion of independent directors, and they all passed the test of significance, but there is no significant relationship between the chairman of the general manager and pertormance. And there is no signiticant relationship between the size of the board of supervisors and performance; and there is no significant relationship between monetary compensation of executives and performance., and there is significant positive correlation relationship between the equity incentive and performance. On the basis of analysis of regression model, this article has analyzed some problems in our country medicine manufacturing industry from the angle of general meeting of shareholders, the board of directors,the board of supervisors, the angle of performance, executive incentive residual claims and residual control svmmetrv distribution,then putting forward measures to solve it.