Study On The Influencing Factors Of The Performance Of Information Technology Listed Companies

Influenced by the continuous wave of new technology revolutions in the world,information technology industry has gotten great development,which has become a leading industry that promotes the rapid development of science and technology and promotes the prosperity of the market economy.On December 19,2016,the state council issued the "13th five-year plan for the development of strategic emerging industries",which provided a good external environment and development space for the Chinese information technology industry.As a "leader" in the field of information technology development in China,Sustainable and healthy development of information technology listed companies have very important significance for the information technology industry.Therefore,how to improve the operating performance of information technology listed companies is a key issue that needs to be addressed and resolved in the process of rapid development.The influencing factors of listed company's operating performance include external factors and internal factors.From the aspects of controllability and so on,corporate governance is particularly important in many factors affecting operating performance.The concept of corporate governance has been emerging for more than three decades,and the rapid development of modern companies has made corporate governance more and more important in the operation of the company.According to the research of relevant scholars,there is a close relationship between corporate governance and the company's operating performance.The rational arrangement of corporate governance can effectively improve the company's operating performance.Based on this,this article selects listed companies in the information technology industry as the research object,and uses the DEA method to measure the comprehensive operating performance of information technology listed companies.Further,this paper decomposes corporate governance into the ownership structure,the governance of the board of directors,the board of supervisors,and the level of management governance.The DEA-Tobit two-phase approach is used to build the model and analyze the impact of the corporate governance structure of listed companies in the information technology industry on operating performance.After empirical research,it is found that in terms of ownership structure,the equity concentration of listed companies in the information technology industry has a significant positive effect on operating performance,and the degree of equity balance has a significant negative effect on operating performance.The effect of state-owned holdings on operating performance is not obvious;In terms of the governance of the board of directors and the board of supervisors,the scale of the board of directors has a significant negative effect on operating performance,the effect of the size of the board of supervisors on operating performance is not significant.In terms of the level of management governance,executive compensation has a significant positive effect on operating performance,the effect of two-time concurrent roles on business operating is not significant.