A Study Of The Impact Of Corporate Governance On Diversification Strategy And Financial Performance

The research on corporate governance structure and diversification strategy has always been a hot issue in the field of management.At present,due to the serious surplus of production capacity and the depth adjustment of our country's macro economy,the coal industry in China has fallen into the downturn again and the overall loss situation.In order to improve this situation,the improvement of corporate governance structure,the implementation of the diversification strategy to achieve the transformation and upgrading of more and more coal enterprises have paid more attention.They are on the supply side of the background of structural reform,the full implementation of the national related reform measures,to further promote the development of coal joint venture,integration and development of coal and electricity integration,integration,integration of coal tar industry,gradually formed a diversified development pattern of the coal industry coal mining,coal chemical industry and the "big two" building construction,machinery manufacturing,electric power,logistics,financial services and the rapid development of multi industry.But the performance level of some coal enterprises has not reached the ideal speed.Under this background,to study the relationship between the corporate governance structure,diversification strategy and financial performance,for China's coal listed companies to establish efficient and comprehensive balance coordination mechanism of corporate governance,provide theoretical basis for the upgrading and development of strategic transformation of the company,has important theoretical and practical significance of the research.The status quo of the existing literature and research based on the basis of China's coal listed companies on the characteristics of the corporate governance structure,diversification strategy and financial performance analysis framework,from the three micro perspective of corporate governance structure were investigated and examines the governance structure of the corporate governance structure and financial performance,and financial diversification the company performance and the three assumptions in the regulation effect of diversification and corporate performance of the listed companies of China's coal using the panel data regression model and 2011-2016 years to carry out empirical research and put forward improvement suggestions.The main conclusions of this paper include:(1)the relationship between corporate governance structure and financial performance of Chinese listed coal companies:equity concentration,the proportion of tradable shares,the proportion of independent directors on the financial performance is a negative correlation between executive compensation and the relationship between the shareholding ratio and financial performance is positively related,but the relationship between board size and financial performance is not significant;(2)coal enterprises diversification discount effect on enterprise performance.(3)in the governance structure of Listed Companies in China's coal to study the regulating effect of diversification strategy and enterprise performance,we find that the proportion of independent directors and senior management shareholding ratio positive regulation effect of diversification on corporate performance,and the ownership concentration negatively regulates the coal listed companies on corporate performance discount effect.Finally,On the basis of the results of the empirical analysis,this dissertation suggests:(1)optimize the equity structure of listed coal companies,the specific measures are: the number of holdings of major shareholders proper dispersion of the controlling shareholder of the company,increase institutions and other non shares held by institutional investors,rich coal enterprises investment team and the strength,the strength of the formation of mutual checks and balances,to change the current "dominance";(2)to strengthen the responsibility of directors,independent directors and give full play to the positive role;(3)establish a scientific incentive mechanism,such as the annual salary system and equity incentive combination,the establishment of process management mechanism and evaluation mechanism,improve the incentive measures.