1 Background of research 1研究背景
随着公司的出现和发展，公司治理也随之出现，成为专家学者关注的焦点。英国作为第一个国家兴起公司之一，公司治理体系经历了从最初接种到成熟发展的漫长过程。吉百利报告是英国公司治理发展的里程碑事件，它要求董事会董事会做出声明，详细描述公司治理的有效性，要求公司设立审计委员会，强调内部审计的日常监督是内部控制的组成部分。实际上，吉百利报告成为其他国家建立公司治理的导火索。英国公司治理的发展是调整内部企业责任和权利的过程。目标是通过不同权利的平衡来保持相关利润。随着100年的发展，英国的公司治理变得更加科学合理。公司治理能否改善公司业绩，公司治理能否改善公司业绩？本文主要研究公司治理与公司绩效之间的关系;它将有利于促进公司治理和公司业绩。
With the emergence and development of the company, the corporate governance also emerges, and became focus topic study for experts and scholars. The United Kingdom as the one of the first country emergence company, the corporate governance system experienced a long process from the initial inoculation to the mature development. The Cadbury report is the milepost event of corporate governance development for UK, it requires the director of board make a statement to detail description the effectiveness of corporate governance, require the company establishment the audit committee, stressed that the daily supervision of internal audit is the integral part of internal control. Actually the Cadbury report became fuse for other countries to establish corporate governance. The development of corporate governance of UK is the process of adjustment the internal corporate responsibility and right continuous. The objective is keep the profit of correlation through balance of different rights. As the 100 years development, the corporate governance of UK has become more scientific and reasonable. Whether the corporate governance can improve the performance of company, what corporate governance can improve the performance of company? This paper will mainly research the relationship between corporate governance and performance of company; it will benefit to promote corporate governance and performance of company.
2 Literature reviews
They are many experts research the relationship between corporate governance and performance of company, and found some important conclusions. Cadbury(1992)give the corporate governance defines as “the system by which companies are directed and controlled”. Thomsen(2000) research the relationship between concentration of shareholders structure and performance、valuation of corporation based on more than 400 companies in Europe. Weisbash(2007) research the relationship between directors and performance of corporation, and found the board of directors with external directors accounting the leader position will play a important role when the performance of corporation decrease, or face to restructuring. Pamela Kent & Jenny Stewart(2010)choice the sample of Australia to research the corporate governance and company performance, and found the board sub-committees can enhance the performance of company, when use the ROA and Tobin’s Q measure the performance of company. while the independent directors, has a negative impact on the performance of company, however, there are conflicting significant results between the accounting and market measures for having a dual CEO/chairperson and board size. Uadiale (2010) focused on the board composition in Nigerian companies using 30 companies that were listed on Nigerian Stock Exchange (NSE) in 2007 and analyzed whether board structure (more specifically the proportion of NEDs) had an effect on CFP, which measured by ROCE and ROE. His study positively found the association between NEDs and CFP. Supriti Mishra and Pitabas Mohanty(2014)researched the corporate governance as a value driver for firm performance based on India, and found not only the board indicators influence the firm performance significantly, but also the proactive indicators influence the firm performance significantly, while legal compliance indicator does not do so, the composite corporate governance measure is a good predictor of firm performance.
3 Research Objectives
This paper mainly researches whether corporate governance as a value driver for firm performance based on the FTSE 100 listed companies (no banking firm). the objective is to f
