Study On The Impact Of Corporate Governance Structure On The Financial Support Efficiency

China became the second largest economy in the world in 2010,The rapid development of economy is inseparable from the strong support of the manufacturing industry.In recent years,the trend of China's manufacturing industry has drawn much attention.In Report on the Work of the Government in 2015,China first proposed that China will implement "China Manufacturing 2025" plan.In the future,China will focus on the transformation and upgrading of key industries and vigorously develop advanced manufacturing to promote China's transition from a manufacturing country to a manufacturing power.As a "lubricant" for the development of the real economy,finance always runs through the whole process of manufacturing and operation.In this context,it is necessary to study the financial support efficiency of China's manufacturing companies.At present,the financial support efficiency of China's manufacturing companies is generally low,which seems to be the consensus of the industry.Many scholars analyze the inefficient factors from macro-level such as economic development and monetary policy.However,it is of great significance to improve the efficiency of financial support by turning the perspective to the micro level.In view of this,this article from the corporate governance point of view,to study its impact on financial support efficiency.Based on the panel data of 440 manufacturing listed companies from 2007 to 2016 in our country.Firstly this paper uses the super efficiency DEA method to calculate the financial support efficiency of listed manufacturing companies,and draws the following conclusions:First,the listed companies of China's manufacturing industry financial support efficiency did not achieve effective,only a few companies to achieve a relatively super efficiency or relative efficiency and the efficiency of listed companies vary greatly;Second,the financial support efficiency of manufacturing listed companies is influenced by macro factors in the past 2007-2012 years,with a large fluctuation;Third the overall financial support efficiency of China's manufacturing listed companies is low,but it maintains a slow growth trend in the late period.Secondly,taking the measured financial support efficiency as an explanatory variable,this paper analyzes the influence of corporate governance structure on the financial support efficiency from three aspects:ownership structure,board governance and executive incentive.The results show that the moderate concentration of the company's equity and the improvement of the equity balance have a significant promoting effect on the financial support efficiency;There is a significant positive correlation between the number of board of directors and directors' diligence and the financial support efficiency.The implementation of executive compensation incentive and equity incentive can mobilize managers' enthusiasm for work,thereby improving the efficiency of corporate financial support;The impact of corporate governance structure on the efficiency of financial support varies across companies with different ownership,industries and regions.Finally,according to the conclusions,puting forward five suggestions:First,optimize the structure of the shareholdings,and to establish a balance of stock rights on the basis of a moderate concentration of ownership;Second,improve the governance level of the board of directors,moderately increase the number of board members and the number of meetings,pay attention to the selection of board members and maximize the functions of independent directors;Third,optimize the management incentive mechanism to improve the level of the company's management equity incentive,while focusing on the overall quality of management personnel training,improve the promotion mechanism of the company;Fourth,improve the credit service system,appropriately lower the credit threshold and provide adequate financial support for the Company's production and operation;Fifth,improve the construction of multi-level capital market and provide convenience for listed companies to obtain direct financing.