Research On The Impact Of Corporate Governance On The Financial Performance Of Retail Listed Companies

Commodity circulation is the engine of market economy development,and retail industry is a key step in the transfer of goods from producers to consumers.It not only in promoting economic development and provide employment opportunity plays an important role in the development of the company and retail residents life provides great convenience for the society,to a great extent,promoted the well-being of the people.In recent years,China's retail listed companies have developed rapidly,but there are still some problems.For example,the growth rate of its main business income and profits has been declining year by year,and its financial performance is not good,which to some extent restricts their contribution to residents' life,regional economy and national economy.Therefore,the topic has certain theoretical and practical significance.Based on the research of domestic and foreign related research,this paper systematically collects the relevant data of each sample company from 2008 to 2017 based on 54 listed companies in China,based on the ownership structure,board characteristics,characteristics of the board of supervisors,and management.Select 12 indicators as explanatory variables,construct an indicator system from four aspects:profitability,operational capability,solvency,and development capability,and use factor analysis to measure the financial performance of each sample as an explanatory variable,total assets,assets and liabilities.The rate is the control variable,and the statistical analysis software Eviews8.0 is used to empirically analyze the specific impact of corporate governance on the financial performance of Chinese retail listed companies.The empirical results show that:(1)there is a significant inverse N-type correlation between ownership concentration and financial performance of retail listed companies.(2)there is a positive correlation between the salary of board members,the size of board of supen isors,the salary of management and the financial performance of retail listed companies.(3)the combination of two positions,the number of board meetings,the shareholding ratio of board members and the shareholding ratio of management have negative correlation with the financial performance of retail listed companies.(4)there is no significant correlation between the financial performance of retail listed companies and equity balance,the size of the board of directors,the proportion of independent directors and the proportion of shares held by members of the board of supervisors.Finally,according to the conclusions of the regression analysis,it proposes relevant countermeasures and suggestions such as optimizing the shareholding structure,improving the functions of the board of directors,and playing the role of the board of supervisors,so as to further improve the corporate governance of listed companies in China's retail industry,and accelerate the rapid improvement of their financial performance.