The Influence Mechanism Of Corporate Governance D Efects On The Financial Crisis Of Listed Companies

In China’s capital market,listed companies continue to suffer huge losses,broken capital chain,debt "storm",delisted,bankruptcy reorganization and other financial crisis events.For example,in 2020,Kangmei pharmaceutical lost 27.7 billion in net profit.In May2021,Kangdexin was delisted due to financial fraud.In October 2021,Evergrande group suffered broken capital chain and debt default.The financial crisis of listed companies has brought significant losses to the stakeholders in the capital market.In order to prevent the financial crisis of listed companies and control the losses of stakeholders,it is necessary to study the financial crisis.This thesis uses literature review research methods and case study methods,taking Yu diamond as a case study,to explore the influence mechanism of corporate governance defects on the financial crisis of listed companies.The specific research contents are as follows:(1)the influencing factors of the financial crisis of listed companies starting from corporate governance.This thesis mainly studies the financial and non-financial factors of the financial crisis of listed companies,including corporate governance factors,and how the interaction between the factors leads to the financial crisis of listed companies.(2)The formation process of the financial crisis of listed companies starting from corporate governance.This thesis mainly studies the stages of the financial crisis of listed companies and the characteristics of each stage.Based on the theoretical point of view,the case study framework is established and the case study of Yu diamond is carried out.This thesis focuses on what are the defects of corporate governance? What are the intermediate factors through which corporate governance influences the occurrence of financial crisis? And what stages did the financial crisis of Yu diamond go through? Through the case study of Yu diamond,the theoretical viewpoint put forward in the previous link is revised.Theoretical analysis and case study are carried out alternately,and finally the research conclusion of this thesis is drawn.this thesis draws the following conclusions: the influencing factors of corporate financial crisis starting from corporate governance include corporate governance defects,over-investment and overoperation,appropriation of the corporate interests by senior executives,violation of law and discipline by enterprises and executives,deterioration of financial situation and performance,etc.The corporate financial crisis starting from corporate governance goes through the following stages: the first stage is the corporate governance defects;the second stage is the over-investment,over-operation,appropriation of the corporate interests by senior executives,violation of law and discipline by enterprises and executives;the third stage is outbreak of the financial crisis.This paper studies the influence mechanism of corporate governance defects on financial crisis,which enriches the research literature on corporate governance and the formation mechanism of corporate financial crisis.The research conclusion can provide theoretical support for listed companies to improve corporate governance and control financial crisis.