Study On The Effects Of Board Characteristics On Firm Performance

Corporate governance has been the focus of academic research,and the characteristics of the board of directors is the core content of corporate governance,according to characteristics of the board of directors from the perspective of research on how to affect the company’s performance.In the past literature reference,this paper selects seven board characteristics: the number of board of directors,the board of directors shareholding,the chairman and general manager.The number of board meetings,the proportion of independent directors,female directors,the board of education.The effects of board characteristics on corporate performance from seven dimensions.The corporate governance research more,but to the new board for the study of literature is very little,almost vacant.Probably because of the lack of new board platform before The data,hindering the research on the plate.The new board is different from the motherboard,the GEM market,on the request of the listed company,the listed company of market development are different from the existing corporate governance.Therefore,a separate study of three new board market is of practical significance.Corporate performance is a measure of whether a company is running well embodied in the previous literature,scholars will focus on how to improve the performance of the company,and the use of the index to reflect the company’s performance.Through the analysis of the previous literature,a measure of corporate performance indicators are selected from the rate of return on net assets,earnings per share,the main business profit the rate and the growth rate of total assets,and the use of a single measure of corporate performance indicators conclusion has not comprehensive,even using different indicators of the conclusion opposite.Previous research experience,to avoid one-sided conclusions,In this paper,the principal component analysis method is used to extract the return on net assets,earnings per share,and the first principal component of the single index of net asset yield.Based on the previous literatures,this paper uses the SPSS software,the first use of principal component extraction performance factor analysis as the company performance indicators,to fit the independent and dependent variables by multiple linear regression model.The factors influencing the performance of the company has a lot of,in order to verify the effects of board characteristics on corporate performance,this paper set up the control variable model as the basic model,using seven models to test seven hypotheses,one by one compares each model and control model,analysis the influence of board characteristics on corporate performance characteristics.Through regression analysis showed that the seven model fit well,and the whole model is very significant,meaningful research.Research shows that the proportion of independent directors is positively correlated with corporate performance,namely the higher proportion of independent directors,independent of the stronger,the better the corporate performance;suggestions to strengthen the independent directors set the number of directors is.The positive influence on the corporate performance,indicating the number of directors can significantly improve the performance of the company;the effect of the chairman and general manager of the company’s performance significantly,but negatively correlated with corporate performance,so two more than part-time job to support the separation of two staff;female directors have a positive impact on corporate performance,but the significance is not high;Dong What will the shareholding ratio is positively correlated with corporate performance,show on the board of directors to the board of directors and management equity incentive company actively,so as to improve the performance of the company;the number of meetings have significant impact on company performance,compared with the control model can well explain the performance of the company,the number of meetings is positively correlated with corporate performance;by the education level has the effect on firm performance,in many degree,master’s degree is only significant on corporate performance,but negatively related to other academic and company negative correlation is not significant,suggested that the company should not pay too much attention to people with education,but pay attention to the professional knowledge and social experience.