Research On The Relationship Among Corporate Governance,Top Management Team Characteristics And Operating Performance Of Listed Financial Companies

Finance,the lifeblood of modern economy,is a central part in national economy system.A regular and perfect corporate governance mechanisms and a reasonable and effective senior management team are both important to promote the performance of listed financial companies in China.So,it is of significance to discuss the relationship among these elements and build an effective and rational mechanism.This article selects 37 representative listed financial enterprises in our country from 2011 to 2016 as objects.Firstly,providing the theoretical support for the empirical analysis,through the theoretical research and literature review;Secondly,studying the status quo of listed financial companies in China by using the way of multivariate and principal component analysis;Finally,establish a random effect model for empirical test.At the same time,it analyzes comparatively the financial breakdown of the industry(banks,insurances and securities).First of all,it conducts an empirical study of corporate performance from the perspective of corporate governance,drawing the conclusion that the Board Governance and Equity characteristics both have impacts on the performance of the financial industry.There is no significant correlation between the executive compensation incentive and the board of supervisors and the performance.Judging from the subdivided industries,the number of meetings of the bank supervisory board is negatively correlated with the performance;the structure of the leadership with the combination of the two positions in the insurance industry is positively correlated with performance,while the proportion of independent directors is negatively correlated;about the conclusion in securities,it is the same as the whole financial industries.Subsequently,the adjustment effect of the characteristics of the senior management team was discussed,and it was concluded that the senior management team's tenure,age,overseas background,and political background were significantly associated with corporate governance.In terms of homogeneity,the tenure adjusts the relationship between the size of the board of directors,the proportion of independent directors and performance,while it negatively regulate the positive correlation between the nature of state-owned shares and performance;age has a positive effect on the relationship between board size and ownership balance and performance,but it has a negative impact on the relationship between ownership concentration and performance;overseas background has significantly enhanced the relationship between board size and equity balance and performance,significantly weakening the relationship between the independence directors,equity concentration,scale of the supervisors and performance;the political background has expanded the influence of the proportion of independent directors on performance.In terms of heterogeneity,the tenure expands the negative correlation between the scale of board and the performance,overseas background weakens the positive influence of equity concentration on performance,and the negative influence of the degree of equity balance on performance,and there is no significant adjustment effect on age and education.All in all,it argues that listed financial enterprises in China should strive to improve the level of corporate governance,rationally build an efficient management team,and pay more attention to the differences among the banking,insurance,and securities to specifically improve the company's performance.