Research On The Impact Of Corporate Governance On The Performance Of Listed Companies From The Perspective Of Investment Efficiency

The separation of ownership and control rights is the basic feature of the modern corporate system,however,this separation will lead to information asymmetry and agency problems between company owners and operators,enabling the company managers to make some opportunistic behavior problems of adverse selection and moral risk,when making investment decisions,the operator of the company for personal gain may make the non-efficiency of investment decision-making,damage the interests of shareholders.The corporate governance is the institutional arrangement for owners to control and supervise the management and performance of the company,which is the institutional arrangement to ensure that the investors of the company get investment returns.The constraint effect and incentive effect of corporate governance can alleviate the information asymmetry and agency problems,and promote the interest of shareholders and business owners to be consistent,which helps companies managers make reasonable investment decisions and improve company performance.In the existing literature,the research about corporate governance is becoming more and more detailed,including the ownership structure,the board of directors of a specific structure,independent director system,investor protection,and external governance.These studies provide references to further improve the level of corporate governance in China.However,in many studies,there are few researches on how corporate governance affects corporate performance,especially from the perspective of investment efficiency.Based on "the mechanism?behavior?consequences" of the research paradigm,this paper does a research on corporate governance influencing the performance,building a bridge for corporate governance and performance,revealing the path relationship between corporate governance and corporate performance.This paper selects the Shanghai and Shenzhen A shares of listed companies in 2010-2016 as samples,using heteroscedastic stochastic frontier model to calculate the investment efficiency of Listed Companies in China;using factor analysis to quantify listed company's corporate governance and its constraint mechanism and incentive mechanism;using causal stepwise regression analysis to test the intermediary role of investment efficiency on the relationship between corporation governance and corporation performance.The results show that:(1)in 2010-2016,the investment efficiency of most of the listed companies is between 50%-80%,and there is a lot of space to improve.(2)The improvement of corporate governance level can improve the performance of the company.(3)The improvement of corporate governance level can improve the efficiency of the company's investment.(4)The efficiency of investment plays a part of intermediary role in the impact of corporate governance on corporate performance,and the intermediary effect is 24.95%.(5)The efficiency of investment plays a part of mediating effect in the influence of the constraint effect on corporate performance,and the intermediary effect is 27.08%.(6)The efficiency of investment is partly mediated by the incentive mechanism of the corporate governance structure on the company performance,and the intermediary effect is 14.42%.