公司治理结构对股价的影响（The influence of corporate governance structure on stock price）.docVIP

公司治理结构对股价的影响（The influence of corporate governance structure on stock price） The influence of corporate governance structure on stock price The level of corporate governance is positively related to share price and share price information, and negatively related to stock price volatility. The corporate governance structure affects the stock price through two ways, the management premium and the investor preference premium, and finally affects the stock price trend, the stock price fluctuation and the stock price information content. Listed companies should strengthen the internal control of the establishment of a sound organizational structure and responsibility distribution system, perfecting the ownership structure of listed companies, strengthen the construction of the board of directors and supervisors, enhance the independence, transparency, fairness of operation, improve the corporate governance. Key words: corporate governance, stock price, stock price information content, management premium, investor preference premium I. Introduction Corporate governance refers to the owner of the main shareholders of a supervision and restriction mechanism of managers, by the system, to a reasonable allocation of right and responsibility between the owner and the manager, which is characterized by the general meeting of shareholders, board of directors and supervisors of the company governance structure and management of internal governance. All the actions of the company, including corporate governance, are aimed at improving the performance of the enterprise and the growth of the companys value and ensuring the maximization of shareholder value. Stock price is a barometer of the companys status, and a reference indicator of the companys operation. The performance of the company or the value of the company will eventually be reflected in the price of the stock and the fluctuation of the stock price. The more the stock price contains the information of the company level (t