Study On The Inflluence Of Corporate Governance Structure On The Performance Of Listed Companies In China's Construction Industry

In the 1990 s,issues related to corporate governance structure began to be valued by domestic enterprises and scholars.More and more companies have established a framework for corporate governance structures,but performance has shown different levels.In the context of the transition from high-speed to high-quality,As one of the pillar industries of the national economy,the listed companies in the construction industry are paying more and more attention to adjusting the corporate governance structure in order to accelerate the transformation and upgrade of the company.In this context,studying the corporate governance structure can provide advice for the construction industry listed companies to improve the corporate governance structure.Reviewing the literature on the relationship between corporate governance structure and performance,few literatures study the relationship between the two from a configuration perspective.Therefore,this paper chooses the fuzzy sets qualitative comparison analysis method from the perspective of internal governance of corporate governance structure.It extracts and condenses the five antecedent factors of equity concentration,equity balances,board size,independent directors' proportion and executive compensation.It explores how the listed companies in China's construction industry can achieve high performance through the combination of these five factors.It is found through analysis that listed companies in China's construction industry mainly achieve high performance through three models.Among them,a high degree of equity concentration is a consistent core factor identified by the three models,and it has become a factor that must be paid attention to leading to high-performance results.A higher ratio of independent directors or a better balance of equity with higher equity concentration and higher executive compensation,respectively,may be more helpful for China's construction industry listed companies to achieve high performance.In addition,the analysis also found that there may be a certain degree of substitution between a higher proportion of independent directors and a better balance of equity.After analysis,it is suggested that when improving the corporate governance structure,the company should pay attention to the related factors involved in the corporate governance structure to play a role,rather than focusing only on a certain factor to play an independent role.When designing the corporate governance structure,the company may consider using independent directors or equity checks and balances to restrict and supervise company decisions under high equity concentration and high executive compensation.