Research On Financial Risk Of Agricultural Listed Companies Based On Corporate Governance

2001 Enron's bankruptcy and 2008 financial crisis from the United States2014 Beijing Leader Marine Museum Co.,Ltd.and Shanghai Super-too Technology Co.,Ltd.,etc.,were specially treated or terminated.At present,China is not only a big agricultural country but also a weak agricultural country.The development of agricultural enterprises plays a vital role in China's economy.At present,48 agricultural enterprises in the Shanghai and Shenzhen A-share market,and these agricultural listed companies will also face a huge market change.Whether from the rapid development of the domestic environment,or from the international economic turmoil,all listed companies will face a huge and complex challenges.In addition to the international environment and the impact of changes in the domestic environment,there are internal reasons,such as corporate governance structure is not perfect and so on.Based on the research and analysis of this industry,this paper analyzes the influence of corporate governance on financial risk of agricultural listed companies,which can help enterprises improve corporate governance structure,control corporate financial risks and improve business performance.At the same time,Who have a realistic guiding significance.In this paper,the agricultural listed companies as a sample,selected China's 2011-2015 five years 48 Shenzhen and Shanghai A shares of agricultural listed companies,excluding the missing data,get 37 agricultural listed companies,a total of 185 samples.By selecting the four aspects of the SASAC's comprehensive performance evaluation index of the central enterprises in 2015,the effective coefficient coefficient method is used to analyze the selected indicators,and the comprehensive efficiency coefficient score is used to divide the enumeration interval of the agricultural listed companies.XS?80,defined as the financial risk is high,set the financial risk dummy variable to 1;comprehensive efficiency coefficient score 80<XS ?100,defined as the financial risk is low,set the financial risk dummy variable is 0.The paper chooses the narrow corporate governance,namely,the shareholding structure,the board features,the supervisory features and the management incentive.Based on various components of corporate governance,the impact of financial risk carry Logistic empirical study,through the correlation analysis and tolerance and variance expansion factor for multiple collinearity test,and finally the regression equation of the goodness of the test and Hosmer and Lemeshow test,statistically significant.According to the above empirical analysis,it is found that the shareholding structure,the board features,the supervisory features and the management incentive of the listed companies,and the impact of the four aspects on the financial risk,namely,the concentration of ownership,state holding,the size of board,the proportion of independent directors,the size of supervisory board can increase the financial risk;the number of meetings of the board,the number of meetings of supervisory board,the proportion of executives holdings,and the remuneration of senior executives have no significant effect on financial risk.Combined with the current situation of China's agricultural listed companies,put forward relevant policy recommendations,that is,to maintain appropriate equity concentration and equity balance;improve the independent management of agricultural companies listed on the board system,set the appropriate size of the board of directors;optimize the structure of the board of directors of agricultural listed companies,Improve the board of supervisors system;design and improve the management of agricultural companies listed incentive mechanism.