A Study On The Relationship Between The Board Informal Hierarchy And Financial Performance In The State-owned Listed Companies

With the deepening of the research on corporate governance,the relevant scholars have found that considering the relationship between the board and the performance of the company only can't reach a satisfactory conclusion.Because in real life we will see two very similar board of directors to guide the company to achieve a completely different corporate performance.So we cannot simply consider the characteristics of the board of directors and the impact of the performance of the company in the reach.We need to consider the potential factors that hidden in the board.This paper starts from the informal hierarchical relationship in the board of directors,and further studies the relationship between the board and the performance of the firm,based on the research of the pre-scholars,the sociology and the knowledge of the psychology.First of all,through the establishment of the board of directors of low-level directors and senior directors between the game model,theoretically proved that the directors in order to achieve their own interests to maximize the trend of low-level board choice in decision-making to comply with the views of senior directors,The directors will also choose to accept the compliance of the lower level directors.Secondly,the paper chooses the methods of He,Li Weian and others,and further consummates the authority system of the directors' authority,and uses the gini coefficient to quantify the informal level of the board of directors.Then,in order to prove the relationship between informal level clarity and corporate performance,this paper uses SPSS statistical software to analyze the informal level clarity and corporate performance of the board,and add the adjustment variables such as firm size and performance pressure to regression analysis.Finally,this paper analyzes the relationship between the informal level of the board and the performance of the firm by replacing the dependent variable.It is concluded that there is a significant positive correlation between the informal level of the board and the performance of the firm,and the adjustment variables such as firm size and performance pressure have a positive effect on the positive correlation between the board and the firm's performance.