Research On The Influence And Mechanism Of Outside Directors On Enterprise Performance In State-owned Enterprises

In order to solve the problem of "insider control" in the corporate governance of state-owned enterprises and improve the performance of state-owned enterprises,the state has gradually introduced the system of outside directors in state-owned enterprise groups.In 2004,central enterprises carried out a pilot project to standardize the construction of boards of directors,and the state-owned assets supervision and administration commission of the state council explicitly proposed the establishment of an outside director system for the first time in its guidance.With the continuous advancement of the reform of state-owned enterprises’ boards of directors,by the end of 2018,the vast majority of state-owned enterprises directly under the central and local state capital commissions had established standardized boards of directors.There has been a continuous discussion on the implementation effect of the outside director system.Therefore,the thesis first studies the effectiveness of the outside director system;After clarifying the positive impact of policy effect on enterprises,the author further tested the impact of outside director capital on enterprise performance and its mechanism by using the data of outside director background characteristics collected by hand,and finally put forward policy suggestions based on the research conclusion.This thesis adopts the method of combining theoretical analysis and empirical analysis.Firstly,based on the principal-agent theory,this paper explores the effectiveness of the outside director system by analyzing the relationship between the outside director system,agency cost and enterprise performance.Then,the financial data of 596 state-owned listed companies under their control from 2013 to 2018 were collected manually by taking the state-owned enterprises directly under the central government and local SASAC as the research object,and the influence of the outside director system on enterprise performance was investigated by the PSM-DID model.Research shows that the implementation of the outside director system can improve enterprise performance.Meanwhile,the transmission effect of agent cost is identified based on the mediation effect model.That is,the implementation of the outside director system has a positive impact on enterprise performance by reducing agency costs.In order to ensure the reliability of the paper’s research conclusion,the paper uses the bidirectional fixed effect model for robustness test on the basis of variable substitution of dependent variable,and the conclusion is unchanged.Secondly,the paper studies the influence and mechanism of outside director capital on enterprise performance by combining principal-agent theory and resource-dependent theory.Based on the data of the personal background characteristics of the outside directors of 363 state-owned listed companies collected by hand,the intermediary model is used for empirical test,and the research shows that the outside directors’ capital can improve the corporate performance.Moreover,the outside director capital has a positive impact on enterprise performance through supervision effect and resource effect,among which the resource effect dominates.In order to ensure the reliability of the paper,on the basis of variable substitution of the mediation variables,the paper conducts group test of the total samples according to the central and local regions.The results of the robustness test are relatively robust and the conclusion is unchanged.In view of the above conclusions,the thesis puts forward three Suggestions: first,the outside director system can bring positive effects to the reform of state-owned enterprises,so it can expand the scope of the implementation of the outside director system,strengthen and improve the independence of outside directors.Second,the outside director capital can bring positive influence to the enterprise,so the outside directors with different background characteristics are selected.Third,the state-owned enterprise groups should improve the transparency of the governance activities of the outside directors and enhance the confidence of the external society in the effective function of the outside directors.