Research On The Relationship Between External Governance Environment And Strategic Performance Of Corps Listed Companies

For a long time,Corporate Governance theoretical research lags behind practice in China.In practice,the improvement of corporate governance has been accepted in the relatively lagging external governance.In the background of from planned economy to market economy,The relationship between government,market and enterprises is the main external governance environment for Chinese enterprises.The study of corporate governance has gradually shifted from the internal governance structure to a more basic external governance environment.Through the combing of literature,we found that the existing research mostly takes the listed companies in our country as the research object,based on the imbalance of direct development in different regions of our country,from the macro level,study the relationship between external governance environment and corporate performance or value.Lacking the study of specific groups.And because of the different research objects and research methods,the study results also showed different differences.Xinjiang Production and Construction Corps is the only one undertake the mission of "reclamation and frontier",set the functions of "Party?Government?Military?Enterprises" as a whole,highly militarized management system.Under the traditional political and economic system,the corps under the highly organized military management system played an important role,but under the impact of the market economy,the malpractice of the XPCC in economic development was gradually exposed.So,we select the list componies of XPCC as the object.First of all,by combing related theories and existing research results,combination the research methods of access to literature,field visit and empirical analysis,based on the clearly defined of external governance environment and strategic performance,combined with the reality of Corps listed companies,Clarify the connotation and composition of its external governance environment and strategic performance.Select Principal Component Analysis calculate the comprehensive score of strategic performance.Secondly,though the multiple regression analysis method using the data of 2010~2014,discuss the relationship of external governance environment and strategic performance.Regression results are shown:1.There is no obvious positive and negative linear correlation between government subsidies and economic performance,government subsidies and social performance have a clearing positive linear correlation.2.Listed companies controlled by subordinate enterprises or group companies have better economic performance.But there is no significant linearcorrelation between the nature of direct control and social performance.3.The relationship between government control and economic performance is inverted U-shaped curve correlation,contribute to the improvement of social performance.4.The control chain level and Corps of listed companies' economic performance showed a positive U-shaped curve correlation,but there is no significant linear correlation with economic performance.5.There is also no significant linear correlation between market environment and economic performance,therefore,the market environment and the social performance have negative correlation.Based on the above conclusions,put forward some countermeasures and suggestions: To control the capital-based,clear state-owned assets of the SASAC investor status;establishment of Corporative listed companies in the market dominant position;perfecting the Encouragement-Constraint Mechanism and Selection System of Senior Managers of Corps Listed Companies;strengthen the optimization and integration of resources within the Corps,reduce competition with the industry.