Research On The Impact Of Corporate Governance Structure Of Our Country’s New Third Board Sports Enterprises On Their Business Performance

At present,our country is in the transition from a sports country to a sports power,and the most important way is to focus on the development of sports industry.Since the State Council issued the "Several Opinions on Accelerating the Development of the Sports Industry and Promoting Sports Consumption"（Guo Fa No.46）in 2014,the degree of sports commercialization has increased.Significant acceleration,social capital continues to enter the field of sports industry,the number of sports enterprises is showing a rapid upward trend,the relevant market scale of sports products is also expanding,and the fierce market competition has brought many opportunities and challenges to the development of sports enterprises.The corporate governance is the key to the operation of the modern corporate system,and it can improve the company’s management level and business performance.Therefore,strengthening the relevant theoretical research and practical exploration of sports corporate governance plays an important role in the healthy development of sports market players,and is a key link to promote the healthy development of the sports industry from high-speed to high-quality development.This paper takes the relationship between corporate governance structure and business performance as the theme.Through theoretical research and empirical research,it summarizes the business performance evaluation system of sports enterprises on the New Third Board,and systematically studies the relationship between the two.For this reason,this paper takes 61 NEEQ sports enterprises in China as the research object,based on the relevant theoretical perspectives such as stakeholders,resource dependence,principal-agent,etc.,using literature,mathematical statistics,empirical analysis and other research methods,firstly analyzes the current NEEQ sports The current situation of corporate governance structure and business performance,and the factor analysis method is used to calculate various factors of sports business performance,so as to build a correlation model of equity concentration,equity balance,board size and independence and corporate business performance in the governance structure.Finally,combining the basic theory and using the regression equation to test the hypothesis,and draw the following research conclusions:（1）The equity concentration of China’s NEEQ sports enterprises has a significant positive impact on the business performance of the NEEQ sports enterprises,and the equity of NEEQ sports enterprises has a significant positive impact.The degree of concentration is generally high;（2）The equity balance degree of China’s NEW Third Board sports enterprises has a significant negative impact on the business performance of the enterprises,indicating that the daily management and business activities of the new Third Board sports enterprises will be hindered and restricted by the ownership and diversified business model of their own enterprises to a certain extent,which leads to the reduction of business performance.（3）The size of the board of directors has no significant impact on business performance,and the establishment of the independent director system has a certain positive impact on business performance;this may be related to the board of directors of sports companies on the New Third Board.Small scale,imperfect independent director system,and lagging board governance.Finally,according to the research conclusions,the following countermeasures and suggestions are put forward: optimize the ownership structure and keep the ownership concentration appropriately;Improve the organizational structure of the board of directors and moderately increase the proportion of independent directors;Enhance the company’s operating competitive advantages and increase profits;Optimize the company’s capital allocation,rational allocation of financial resources;Focus on the "three meeting" supervision mechanism to improve performance from the outside to the inside;Perfect financial information disclosure,strengthen internal and external financial supervision.