The Research On The Influence Of The Internal Corporate Governance Of Textile & Clothing Industryon Finance Performance

Theseparationofmodernenterprise'sownership and the management powers resultsin the information asymmetry between management and shareholders,resulting the principal-agent conflict between shareholders and management.Corporate governance that as a system to coordinate the rights and responsibilities inallpartsofthe company plays an important role in solving the problem of agency conflict,ensuring the interests of shareholders and stakeholders,and improving the performance of the company.On the basis of the theory of principal agent theory,stakeholder theory,residual control theory,resource dependence theoryand performance evalution theory,this paper reviewed the related research of corporate governance and corporate performance at home and abroad from four aspects of the ownership structure,the characristic of the board structure the board officer,and corporate governance structure.After that,the changes of listing corporation internal governance in textile and garment industryis analyzed year by year from this four aspects,and be made comparative analysis with the governance of the manufacturing listing corporation.This paper puts forward the research hypothesis,construct the multiple regression model of corporate governance and corporate performance by combining with the characteristics of the listing corporation in the textile and garment industry and the conclusions of the previous studies.Take textile and garment industry listing corporation's ownership concentration and equity balance,board structure characteristics,the characteristics of the board of directors,corporate governance and organizational structure of these four indicators as the explanatory variables of this paper,and do the regression analysis and comparative analysis on the company's financial indicators and factor analysis of the performance of the company of the variables respectively,finally,the empirical results are analyzed.By the empirical analysis,this paper draws a conclusion: The textile and garment industry listed equity concentration,equity balance,board size,proportion of independent directors and the remuneration of directors is positively correlated with corporate performance;two professional is negatively correlated with corporate performance;proportion of female directors,board of directors,board meetings,directors' shareholding ratio and corporate governance structure are not related with corporate performance.Finally,according to the empirical results,the management suggestions are put forward.To improve the performance of the textile and garment industry company can be adjusted from the following aspects: enhance equity checks and balances,moderate expansion board scale,improve the proportion of independent directors,implementation of the separation of two staff,improve the remuneration of the directors and the establishment of compensation appraisal mechanism.