Analysis Of Governance Efficiency Of Chinese Listed Companies From The Perspective Of Life Cycle

Since the concept of life cycle and corporate governance was put forward by academics,They began to become the focus of academic research.In recent years,China's economy began to decline and the governance problems often occured,so how to improve the efficiency of enterprise governance according to the characteristics of life cycle has become an urgent problem to be solved.The existing research on enterprise governance efficiency evaluation system focuses on the use of corporate performance indicators or corporate governance related index,less from the perspective of input and output to build enterprise governance efficiency evaluation system and from the perspective of enterprise life cycle to consider the efficiency of corporate governance.Therefore,This paper starts from the "efficiency" of economics,builds the enterprise governance function model from the perspective of input and output,adopts the data envelopment analysis method to evaluate the enterprise governance efficiency;and uses the cash flow method to divide the enterprise life cycle,and The paper analyzes the efficiency of enterprise governance in different life cycle stages and analyzes the optimal weight of corporate governance investment elements by using the frontier of production.The results show that China's vast majority of enterprises in the growth and maturity;and the comprehensive efficiency of A-share listed companies is not high,and the factors that affect the efficiency of comprehensive efficiency of enterprises are mainly the scale of efficiency of corporate governance;In recent years,It exists a phenomenon that the governance efficiency of state-owned enterprises has catch up with non-state.The efficiency of corporate governance is increasing during of the life cycle,and the effect of equity incentive has the greatest influence on the efficiency of corporate governance.The influence of executeve compensation,the size of board of supervisors and the proportion of independent directors is relatively small,and the trend of enterprise governance mechanism is different in each life cycle.According to the above conclusions,This paper puts forward that on the one hand,enterprises should continue to learn from the experience of excellent enterprises and improve their management system level and resource integration ability;On the one hand,enterprises should strengthen the supervision of equity incentive and supervision of supervisory committee,and constantly promote enterprise reform and enhance enterprise governance efficiency;In addition,enterprises should fully combine their own characteristics of the life cycle stage to clear strategic positioning and select the optimal governance structure and ultimately extend the enterprise life cycle and improve corporate value.