Theoretical And Positive Study On The Relationship Of Corporate Governance And Corporate Performance In Transformation

Global economy is experiencing a radical regulation, so is the corporate governance system in China. The transformation means both opportunity and challenge for Chinese enterprise, since there appears a lot problem in transformation. The typical reflection of the problems lies in the unsatisfactory performance of state-owned enterprises. The research on the relationship of corporate governance and corporate performance is significant to analyze and change the corporate governance mechanism and solve the problems in transformation. By integrating corporate theory, strategic management theory and innovation theory, this paper discusses such issues as following:Chapter 2 traces back to the theoretic sources of corporate governance and the relationship of corporate governance with corporate performance, which shows that, perfecting corporate governance mechanism can be helpful to deal with the economic relationship, provide motivation mechanism to corporate management, and enhance the competence of resource allocation, so promote the corporate performance increasing. Then, after introducing and analyzing the stakeholder theory, the paper suggests that the theory needs to modify as, insiders should be brought into governance structure and outsiders can be managed through strategic management. This viewpoint establishes base for the research backward. Then this chapter introduces the structure and function of boards, which supplies theoretic base for the measurement research. Finally this chapter summarizes the discussion about state-owned enterprises reform, and suggests there exists two subjects: governance structure change and culture change.The third chapter establishes a theoretic system about corporate governance and its relationship with corporate performance. First this chapter clarifies the institutional nature of corporate governance, and discusses the relationship of corporate governance and corporate management by institutional economic science, so a whole system of corporate governance is established. This chapter then analyzes the organizational form and operational mechanism of corporate governance, and discusses the special role of the boards on corporate governance structure. Furthermore, this paper concludes three kinds of functions of the boards, which makes the action model of corporate governance to corporate performance change. Finally, by theoretic analysis and case study, this paper shows the action mechanism of corporate governance to corporate performance is realized through affecting the way of resource supply and allocation.The forth chapter focuses on the non-institutional factor, viz., the impact of culture environment on corporate governance and performance. This paper suggests that, there exists inherent relationship between culture and institution, and they support andcomplement each other, forming the complex big system of society. Secondly, the role of culture is realized by motivating and limiting human's activity through culture fusion. Thirdly, culture factor influences corporate governance significantly by two ways. The static way lies that, the varieties of culture result in the varieties of corporate governance pattern. The dynamic way lies that, cultural change and its delay make the crisis of corporate governance pattern in individual country. The same as the culture pattern in China. By evaluating the culture characteristics, the paper suggests that, the participation of Party and employee in corporate governance, as the reflection of old-three-committee governance pattern, begins to appear something unsuitable for market economy on the one hand, while forms the support environment of corporate governance system. So the enterprises should continue to attach importance to it in a short term to transform placidly.In chapter 5, the characteristics of corporate governance pattern in transformation are discussed. There exists such four governance patterns as the pattern the old-three-committee dominated (OTC pattern), the one the new-three-committee dominated (N...