Research On Relationship Between Governance Structure And Corporate Performance Of State-owned Listed Company In China

After years of exploration and practice,the reform of state-owned enterprises has gradually appeared.The reform of state-owned enterprises has formed a consensus that the establishment of a perfect modern enterprise system and a perfect governance structure is an important subject for the reform of state-owned enterprises.State-owned listed companies are the backbone of our economy,improving the governance structure plays a decisive role to promote the reform of state-owned enterprises and national economic development.It is of great significance of the sustainable development of state-owned enterprises that to research of relationship between governance structure and corporate performance,to research explore how to improve the governance structure to improve corporate performance.The thesis firstly introduces the background of state-owned enterprises and the research significance of relationship,introduces research methods and contents,and clarifies research ideas and framework.Secondly,this thesis reviews the literature,introduces the principal-agent theory,incentive constraint theory and independent director theory,and puts forward the hypothesis about the relationship between equity structure,board of directors,board of supervisors,incentive mechanism and corporate performance on the basis of literature and theory.This thesis makes an empirical analysis of the relationship between the governance structure and corporate performance of state-owned listed companies.It chooses the date of 221 State-owned listed companies between the year 2012 and 2016 as the research samples,and takes the relevant indicators of equity structure,board of directors,board of supervisors and incentive mechanism as explanatory variables,and sets up the multiple regression model.Through descriptive analysis and regression analysis,the relationship between governance structure of state-owned listed companies and corporate performance was explored.Conclusion: equity concentration,ownership balance,the number of board meeting,executive shareholding and executive compensation are significantly correlated with corporate performance.The proportion Tradable shares,the size of the board of directors,the size of the board of supervisors,the independent directors and CEO duality are not significantly correlated.It is suggested to ensure a certain degree of ownership concentration,strengthen the independent director's status and improve the decision-making efficiency of the conference firstly.Secondly,we should increase the separation degree of the general manager.The last is to establish the compensation incentive mechanism combining short-term performance salary with long-term equity incentive,and make the company become a community of long-term interest and target community.