Dissertation > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company

Corporate governance structure and financial performance analysis

Author LiZuo
Tutor LiuYongXiang
School North China University of
Course Accounting
Keywords Financial Performance Corporate governance structure Corporate Governance Index Tobin 's Q value
CLC F276.6
Type Master's thesis
Year 2011
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With the increasing development and growth of the capital market , the corporate governance of listed companies has increasingly become a topic of public attention , establish and improve the governance structure of listed companies to effectively run , not only to enhance the shareholder value of listed companies , it enables the healthy development of the capital market , so as to promote the sound operation of the national economy as a whole . More uncertain since the financial crisis , capital market environment , operational risks faced by listed companies increasingly high , the company management's ability to respond freely to become investors pay more attention to the problem , which further put forward higher requirements on corporate governance . In the face of complex domestic and international competition in the market environment , enterprises are to survive and development , it is necessary to adapt to the requirements of the market economy development , follow the laws of enterprise development , the establishment of a modern enterprise system , improve the corporate governance structure . Therefore , in-depth exploration of the correlation analysis of the corporate governance structure and financial performance , and it has far-reaching theoretical and practical significance . Firstly, the corporate governance structure and financial performance evaluation were discussed theoretically , choose the proportion of independent directors and executives of the top three salary average, the proportion of the top five shareholders and corporate governance index as a measure of the quality of Corporate Governance basis. Same time, through the principal component analysis of the selected four financial indicators Return on total assets ROA , the capital adequacy ratio of the CAR, the rate of return on equity ROE , Tobin 's Q value is derived from two main ingredients in descending order to measure the performance of corporate finance good or bad . Through research , the main conclusions of this paper include equity concentration is still high , and likely to cause large shareholder expropriation phenomenon of minority shareholders' interests , is not conducive to corporate governance . The company's financial performance and the independent directors exists between the proportion of positive correlation between the existence of a positive relationship between the company's financial performance and the average of the top three executives remuneration , the company's financial performance with the five largest shareholding ratio between negatively correlated , but the relationship is not very significant , positive correlation of the Corporate Governance Index ROE away this relationship , especially in the more obvious , that is, the higher the index the higher the Corporate Governance Index , the more that the efficiency of asset utilization high , enterprises increase revenue and save money use and achieved good results.

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