Study On The Influence Of The Governance Structure Of Listed Energy Companies On Enterprise Value

China is a big consumer of energy.Energy plays an important role in the development of national life and defense industry.In recent years,with the continuous development of economy,environmental protection pressure continues to increase,the state enacted a number of adjustment of industrial structure policy,encourage innovation,puts forward higher requirements on energy companies,in addition to the need to pay attention to the external economic environment changing,should also start with the corporate governance structure,from the inside break,through technical innovation to develop more efficient production operation mode,keep steady increase enterprise value.In order to promote the straightening out of the internal management mechanism of energy enterprises and ensure the standardization and modernization of enterprise management,this paper studies the influence of the governance structure of listed energy companies on enterprise value from the perspective of research and development investment,and explores the transmission mechanism of research and development irnvestment.The paper summarizes and analyzes the research status at home and abroad,and combining the theory of principal-agent theory,technology innovation and enterprise value maximization theory,incentive theory,with energy the actual governance structure characteristics of listed companies in our country,from the ownership structure,board governance and incentive mechanism three aspects make assumptions and the c.orresponding main effect model and the mediation effect model was constructed.Eviews 8.0 is used to analyze the impact of governance structure on enterprise value and the transmission mechanism of R&D investment in it.The results show that the shareholding ratio of institutional investors,the size of the board of directors,the number of board meetings and the total annual salaries of the top three managers are significantly positively correlated to the enterprise value,and the R&D investment also shows an intermediary effect.Equity concentration(TOP1,TOP10),the combination of two jobs,the proportion of independent directors,the management shareholding and the total annual salary of the management have a significant negative correlation with the enterprise value.Similarly,the R&D investment also shows an intermediary effect.Although equity checks and balances have a significant positive correlation with enterprise value,research and development investment does not show an intermediary effect.At the same time,the nature of controlling interest has a positive impact on enterprise value,but this effect is not significant,and R&D investment does not show an intermediary effect.After analyzing the research results,the paper puts forward countermeasures and Suggestions to improve the enterprise value of listed energy companies from the following four aspects:adjusting the shareholding structure,perfecting the board governance,perfecting the incentive mechanism and establishing the coordinated development mechanism between the governance structure and R&D investment.