Research On The Relationship Between Corporate Governance And Corporate Performance Of Listed Companies On GEM

The relationship between corporate governance and corporate performance is a basic issue of modern corporate governance research.Effective analysis of the relationship between the two is not only conducive to a clearer direction for companies to improve their own management,but also in the process of maximizing corporate value.Play an important role.So far,since the opening of the Growth Enterprise Market in 2009,it has gone through 9 years of development.From the beginning there were only 28 to more than 600,which played an important role in promoting national economic growth.However,there are many problems behind its vigorous development,which seriously restricts the healthy development of the GEM.Therefore,the dialectical analysis of the relationship between corporate governance and performance in the GEM market,and further improve the efficiency of corporate governance,has important practical significance for promoting the healthy development of China's GEM.This article takes the data of 354 companies with full financial data on the GEM from 2014 to 2016 as the research object.First,based on existing theories such as the theory of separation of powers,stakeholder theory,principal-agent theory,and signal transmission theory,the A large number of documents related to corporate governance and corporate performance provide theoretical support for this research.Second,it explores the internal mechanisms of corporate governance and performance.This paper studies the mechanism of action of both from the aspects of the theory of integrated contract,strategic management theory,external stakeholders,and information disclosure.Aiming at the relationship between the two,on the one hand,the company's comprehensive performance scores are calculated by using the principal component analysis method to weight the representative 12 corporate financial indicators.The equity structure,board characteristics,executive incentives,external stakeholders,etc.Regression analysis with comprehensive performance,study the impact of corporate governance variables on company performance.On the other hand,it studies the feedback effect of corporate performance on corporate governance.Comprehensive use of TOPSIS comprehensive evaluation method,Granger causality test,quantile regression and other methods for research.Through research,it is found that:(1)There is no significant relationship between the proportion of shares held by the largest shareholder and overall performance,and the total shareholding ratio of the top ten shareholders has a significant positive correlation with the overall performance of the company;(2)The top three executives' total remuneration and There is a significant positive correlation between the company's overall performance;(3)There is a significant positive correlation between the type of auditor's opinion and the company's overall performance;(4)The debt-to-asset ratio has a significant negative correlation with the company's overall performance,indicating that the higher debt ratio is not conducive to The healthy development of the enterprise.(5)Corporate performance has a feedback effect on corporate governance.The role of corporate performance on corporate governance is time-interval and periodic.At the initial stage of the company's establishment,the feedback effect of corporate performance is not significant.In the mid-to-middle stage of corporate development,corporate governance affects the company.The role of performance feedback continues to increase.In the later stage of development,the transfer mechanism of external stakeholders was significant in the middle period of development.In the early and later stages of the company's development,external stakeholders were less effective.Based on the empirical research conclusions,this paper also puts forward corresponding suggestions:(1)Optimizing the ownership structure and improving the performance level;(2)Perfecting the functions of the board of directors and improving decision-making ability;(3)Perfecting the incentive mechanism of senior executives and improving the enthusiasm of senior executives;(4)Improve information disclosure and pay attention to external governance;(5)Reduce financial leverage and focus on endogenous growth.