Foreign Shareholding,Corporate Governance Structure And Corporate Performance

Foreign ownership of listed companies will have what kind of impact on corporate performance and how to produce impact,which causes the concern of theoretical and practical departments.There are many factors that affect the performance of foreign companies,and the structure of the board of directors is an important factor.The role of foreign capital is becoming more and more important in China's capital since the opening up policy.More and more foreign capital has entered our country and holds shares of listed companies,which have an important influence on listed companies.It can be inferred that there will be more foreign investors to participated in the operation of listed companies in the form of equity investment with the deepening of reform and opening up policy,thus affecting the governance structure and corporate performance of the listed companies.Therefore,this paper takes the GEM listed companies as the research object to discuss the relationship among the foreign ownership,the governance structure of the board and the performance of the company.It mainly examines whether there is a difference between the governance structure of listed companies and the non-foreign holding company,the impact of the proportion of foreign ownership on the performance of the company,respectively measured by ROA and Tobin's Q,and the impact of the governance structure of the board on the performance of the company.The results show that the board of director of foreign-invested listed companies is larger and the chairman and general manager are more likely to be held by the same person.The proportion of foreign ownership is negatively correlated with Tobin's Q,but the effect on the ROA and Tobin's Q is different,and the board of director is negatively correlated with Tobin's Q.Tobin's Q will decrease when the chairman and general manager is held by the same person.And we also find that the overall performance of foreign listed companies is better than that of non-manufacturing listed companies.