Research On The Effect Of Corporate Governance On Corporate Performance Of Listed Companies In The New Third Board

A good corporate governance mechanism not only helps companies reduce agency costs and operational risks,but also enhances the company's own competitiveness and attracts stable capital,improving the company's intrinsic value and operating performance.In recent years,The new three-plate market has experienced explosive growth under the support of national policies.However,many companies have ignorance of the construction of corporate governance mechanisms or unreasonable corporate governance while the new three-plate market is developing irrevocably.This will be bad to the long-term development of the company.The Yangtze River Delta region is different from other regions.It is not only a strategic focal point for the country,but also the intersection of the "One Belt and One Road" and the Yangtze River Economic Belt.It is an important engine and driving force for the development of China's economy and society,and it has a leading role in radiation.what's more,the economic prosperity in the region makes the region more pilot and pilot than other slow-moving regions.It can provide a useful reference for these relatively slow economic regions.The development of the Yangtze River Delta region is inseparable from the promotion of small and medium-sized enterprises.The fiscal revenue,operating income and total production value created by the SMEs in the Yangtze River Delta Region have reached more than half of the region.The development of SMEs is of utmost importance to the Changsanban region.The domestic research on corporate governance and enterprises mainly focuses on the main board,small and medium-sized boards and the ChiNext.However,there are relatively few discussions on this issue for the New Third Board.Given the many problems in thecorporate governance of the New Third Board Market and the importance and specificity of the Yangtze River Delta Region and relatively few research literatures,this paper analyzes the new Third Board enterprises in the Yangtze River Delta as a research object,with a view to perfecting the Yangtze River Delta.Regional corporate governance of the company's new three-plate companies made recommendations.Firstly,summarizing domestic and international literature on corporate governance and corporate performance.Based on the research results of the existing literature and combining the characteristics of the new third-tier companies in the Yangtze River Delta region,the structure of the equity structure,the structure of the board of directors,the management mechanism of incentives and capital structure of the company's performance are analyzed,and corresponding assumptions are made to define the variables.Then,the principal component analysis of the factors was conducted to measure corporate performance from the selected 9financial indicators,and then the sample companies were used to conduct empirical research on the 2016 annual report data.Concluded: The proportion of circulating shares has a negative impact on corporate performance.The increase in the proportion of the largest shareholder's shareholding is conducive to the improvement of corporate performance.The better the equity checks and balances,the better the corporate performance.The combination of the two positions is not conducive to the improvement of corporate performance.The independent director system is negatively related to corporate performance..Management shareholding ratio plays a positive role in improving corporate performance.Debt ratio is negatively correlated with corporate performance.Finally,the author puts forward corresponding suggestions from four aspects according to the research conclusions and point out the limitations of this paper and the direction of further research in the future as well.