Neutral Government Governance And Corporate Governance Performance

The corporate governance model of different countries is influenced by the political,legal,historical,cultural and other factors of the country.The interdisciplinary research on the causes of a country’s corporate governance model from these macro factors is one of the frontiers of corporate governance theory research.China’s corporate governance model is under the influence of China’s political,economic,historical and cultural factors.It is of great significance to explore the causes of China’s corporate governance model and promote the construction of corporate governance model with Chinese characteristics by selecting macro factors and empirically testing their relationship with corporate governance performance.The government is one of the most active factors in the corporate governance mechanism.It not only dominates the overall design of corporate governance mechanism,but also is an important component of corporate external governance mechanism.Different from other countries where governments are easy to be captured by interest groups,China’s government "takes power for the people",pursues the economic growth and national rejuvenation of the whole society,and maintains the interests of all the people rather than the interests of a special group(Yao Yang,2009,2010;He Daxing and Yao Yang,2011)adopts an unbiased attitude towards all social groups and is not captured by any group It has the characteristics of typical neutral government.Such neutral characteristics will enable the government to design and implement various corporate governance policies from the perspective of the growth of social interests,so as to effectively improve the performance of corporate governance in China.At the same time,because of different types of companies and different economic bases and backgrounds in different regions,the effect and emphasis of corporate governance are different,which may have an impact on the governance of neutral government.Therefore,this paper needs to further consider the regulatory role of property rights and the level of regional economic internationalization.Through reading,combing and analyzing the literature about government governance and corporate governance performance,this paper use theoretical and empirical methods based on principal-agent theory,local government and neutral government theory,collective action theory,which is unique in China Under the background of culture and politics,it deeply research the relationship between neutral government governance and corporate governance performance,and analyzes the regulatory effects of the property attribute and regional economic internationalization from the perspective of provinces,and studies the impact of both The internal logic of neutral government governance and corporate governance performance.In the empirical study,data of companies listed on the main boards of China from 2013 to 2017 are collected to test the influence of neutral government governance level and corporate governance performance,and examined the property attribute and regional economic internationalization in the relationship between the two regulation effect.The result reveal that there is a positive relationship between neutral government governance level and corporate governance performance.Specifically,the higher the neutral governance level of the regional government is,the corporate governance performance will be more better.Secondly,in the adjustment of property right nature,the property right attribute of state-owned enterprises can increase the impact of neutral government governance on corporate governance performance.Finally,regional economic internationalization can enhance the positive relationship between neutral government governance level and corporate governance performance.This article has a certain degree of innovation.It is theoretically concerned that under the background of Chinese characteristics,the characteristics of my country’s neutral government can have a beneficial impact on my country’s corporate governance,that is,the neutral governance of a neutral government can create an"equality","fair" institutional environment restricts all economic entities from complying with market order,ensure that the external governance mechanism of the company plays an effective role,promote the formation of a good corporate governance structure,and then improve corporate governance performance.Taking the neutral government as the starting point is very instructive for exploring the causes of the corporate governance system with Chinese characteristics,and it also provides an intermediate mechanism for how the neutral government promotes China’s economic growth.Based on theoretical analysis and empirical testing,this article believes that under the background of Chinese characteristics,give full play to the neutral characteristics of various regional governments,lead enterprises to build a good corporate governance structure,reduce the problems of trust agency relationships in corporate governance,reduce agency costs,and let everything The source that is conducive to improving corporate governance performance is fully flowing.