The Impact Of Internal Control And Governance Structure On Operating Performance Under The Background Of Heterogeneous Equity Ownership

In the new era,China's socialist market economy system has been initially established and gradually improved,but there are still some problems and contradictions.Especially,the operation of state-owned holding enterprises relies heavily on the guidance and supervision of the government.Relying solely on policy norms is not the long-term cure of market economy after all.Over-intervention may even lead to the contradiction between"government" and "market".Under the background of perfecting the socialist market economy system and deepening the reform of state-owned enterprises in an all-round way,the ultimate goal of government's regulation and control of the market is to guide enterprises to form a benign mechanism of self-supervision and self-management.Internal control and governance structure are the core of modern company management and the most important way for companies to realize self-supervision and self-management.In order to enhance the competitiveness of the company,state-owned and private enterprises should absorb advanced management experience at home and abroad and innovate bravely in the light of socialism with Chinese characteristics and market economy system.Based on the panel data of non-financial listed companies in Shanghai and Shenzhen Stock Exchanges from 2013 to 2016,this paper clarifies the impact of internal control and governance structure on corporate performance,and explores the impact of internal control and governance structure on corporate performance under the background of heterogeneous equity.Through empirical comparative study,it is found that internal control and governance structure have a significant positive relationship with corporate performance;further comparative analysis of the relationship between state-owned holding companies and private holding companies shows that:governance structure has a significant relationship with corporate performance in listed companies,but there are significant structural differences;secondly,compared with private holding companies,internal control in foreign countries.The effect of holding company on performance is more significant.The conclusion of this paper provides a theoretical basis for state-owned enterprises and private enterprises to construct a good mechanism of self-supervision and self-management with internal control and governance structure as the dominant factor,and provides historical experience for enterprises to enhance international competition.