Empirical Study On The Relationship Between Board Characteristics And Corporate Performance Of Agricultural Listed Companies In China

Our country is a big agricultural country.The operation status of agricultural listing Corporation reflects the development status of the first industry,which is very important to the development of our country's economy.But as far as the present situation is concerned,there are many defects in the governance structure of China's agricultural listing Corporation.The problem of governance has become increasingly prominent,which has seriously hindered the improvement of the performance of the company.Board of directors as a liaison between shareholders and managers,determines the establishment and operation of company's internal governance structure and plays an important role in improving the performance of the company.Therefore,Therefore,the study of the relationship between the characteristics of the board of directors and the corporate performance is also a hot topic discussed by scholars in various countries.This thesis selects agricultural listed companies in China as its study object.Firstly,the research background and significance of this paper are analyzed,by reviewing and summarizing the related literature at home and abroad,the problems to be studied are drawn out.Secondly,On the basis of defining the concept of agricultural listed companies,by collecting 2010-2014 annual data and descriptive statistics,analyzed the current situation of the characteristics of the board of directors and corporate performance of agricultural listed companies in our country.Then,based on the principal-agent theory,the modern stewardship theory and resource dependence theory,this paper puts forward the research hypothesis,and establishes the relationship between the characteristics of the board of directors and corporate performance by seven theoretical analysis models:select the 2010 data were analyzed by Single variable regression analysis to test the model and model six,using the annual sample data regression and panel data regression model to test the model seven.The independent variables for the characteristics of the board of directors,including:board size,the proportion of independent directors,corporate leadership' structure,the frequency of the board conference,the reward of directors,the share proportion of the board members.The dependent variables is EPS.Ratio of the top five shareholders,increase rate of main business revenue,debt to assets ratio as the control variable.Empirical results show that:Generally speaking,agricultural listed companies single leadership structure can promote the performance of the company,the board of directors scale and the directors incentive is positively correlated with corporate performance but the relationship is not remarkably,the proportion of independent directors is not remarkably relevant with corporate performance,the frequency of the board conference and corporate performance showed a significant negative correlation.Finally,according to the empirical results above,this paper put forwards some suggestion to perfect board mechanism and improve its efficiency of agricultural listed company,that is,to determine the appropriate scale of board of directors,to perfect the independent director system,to establish appropriate leadership structure,to reduce the number of meetings of the board of directors,and to establish an effective incentive system for directors.