Can The Pilot Scheme Of Board Reform Improve The Performance Of Central Enterprises?

Since 1993,China's state-owned enterprises have begun to establish a modern enterprise system and improved their governance structure.After ten years of reform,although some significant results have been achieved,some state-owned enterprises governance structure is still not perfect.In order to promote state-owned enterprises'governance structure and market competitiveness,the SASAC has started the reform of the board of directors since 2004.At present,the evaluation of the effectiveness of the board of directors is still a hot topic in academic circles.From 2005,when the SASAC announced the first batch of pilot enterprises to the end of 2016 when the majority of central enterprises have been incorporated into the scope of the pilot,after more-than-10 years reform,whether the pilot of the central enterprises has established a perfect and effective system of the board of directors?Whether the implementation of the reform of the board of directors has promoted business performance?After the reform of the board of directors for twelve years,it is of great significance to demonstrate the effectiveness of the policy.This paper made an empirical research on the relationship between the board and the pilot reform of enterprise performance.The research methods of this paper uses the theoretical analysis and empirical analysis with the integrated use of normative qualitative research,quantitative empirical research,comparison analysis and other methods,and makes a in-depth study of the practical problems based on the existing theory and case study and the panel data of 2005-2015 which released all the pilot enterprise's listed companies as the study sample.Firstly,through the descriptive statistical analysis and linear regression,this paper try to figure out the relationship between the reform of the board of directors and its performance.Secondly,through the correlation analysis and group comparison method,this paper gets the relationship between board structure and corporate performance.Finally,based on the results of the first step and the second step,the paper uses the double difference model to analyze the impact of the board of directors on corporate performance.The results show that the pilot of board of directors accelerates the standardization and rationalization of its setting.There is a positive relationship between the optimization of the board of directors(including the reduction of the number of directors,the increase of proportion of independent directors,the two level separation between chairman and general manager and the establishment and perfection of Specialized Committee)and the performance of the pilot enterprises based on the above two points and using the double difference model,this study gets the conclusion that the implementation of the board of directors pilot can improve the performance of the enterprise;the pilot's impact to improve on the performance of enterprises is lagging,and enterprises will take some time to improve and perfect the board of directors.In the year the pilot started the performance did not get improved,but as the time goes by,the effect of the pilot gradually emerged;when the industry category is controlled,the impact of the board of directors pilot is more obvious.