A Study Based On The Efficiency Of Corporate Governance Of State-Owned Company Equity Structure

The characteristic of ownership structure is the most important factor determining the efficiency of corporate governance structure. The influence of ownership structure on corporate governance has been acknowledged by people. Ownership structure determines the efficiency of corporate governance to a large extent by influencing corporate inner and outer governance mechanism. The degree of ownership concentration has direct impact on the relationship of shareholders and managers, of shareholders themselves, and of shareholders and other interests-relating subjects, and further influences corporate governance. Relative holding pattern can prevent the outside company from taking over the company and maintain the stability of the company. Under this equity structure, shareholders are willing to supervise the manager’s behavior, which can prevent "insider control". The big shareholders cannot abuse rights for there exist a few big shareholders and balance each other. Relative holding equity structure is the combination of intensive equity structure and the distributed equity structure, which plays its role more easily and prompts the managers to run corporate according to the principle of maximizing profits, to realize the value maximization. So this equity is the best one. In order to realize this equity and solve the problem of closed equity in our country, we proceeded decreasing the percent of state-owned share. Because there were some problems during the reducing, such as pricing differences, different interests of government and the investors, the program had to be canceled. To perfect the procedure of reducing state-owned share, we should run it by stage, adhere the principle of "something should do and something should not do", improve the related legislation, respect the interests of small and medium shareholders, so that we can guarantee the stable development of the securities market, prove the company equity structure and improve the efficiency of management.