Theoretical And Positive Study On Chinese Corporate Governance Culture

Corporate governance is one of the most important topics attract attention all over the world. It's proved that not only the'institutional factors such as law> charter > principle,but also the cultural factors,for instance,the idea> customs,national culture,etc.,have influence on the effectiveness of corporate governance.Under the cross-cultural conflict of corporate governance,it is emergent for Chinese enterprises to construct corporate governance culture. But there are many fundamental questions:What is corporate governance culture? What is the corporate governance culture with characteristics of Chinese culture? How to construct corporate governance culture? etc. In this thesis,we investigate these questions theoretically and empirically. This thesis is organized as follows:In Chapter 1 and 2,we discuss the importance and emergency to study the corporate governance culture,and present a critical review of the existing theory of the corporate governance,the reform of Chinese corporate governance and management and corporate culture.Chapter 3-9 are the body of the thesis. In Chapter 3,we analyze theoretically the concept and structure of corporate governance culture. Firstly,we use medium culture assumptions to define corporate governance culture and set up idea-institution structure model of corporate governance culture. Then we focus on the relation between idea and institution. Based on the realization of idea and the relationship between idea and institutions,we analyze four types of corporate governance culture,that is traditional and compatible culture,standard and compatible culture,traditional and contradictory culture,standard and contradictory culture and their influence on transaction cost and performance. We put forward some testable hypothesis. The results show that the performance of compatible culture is better than that of contradictory culture. In compatible culture,which is the optimal type is determined by the environment.In Chapter4-5,we use Factor-Analysis to investigate the composition of corporate governance culture and find four factors,that is the safeguard of special capital owner's rights and interests(C factor),innovation and openness(I factor),standard(S factor) and social responsibility(R factor).In Chapter 6,we explore the factors which have great effect on corporate governance culture in our country. It is shown that there are five important factors,that is national cultural tradition,corporate capital structure,management environment,entrepreneur and law. We make a deep discussion on the influence of these factors on corporate governance culture and put forward some testable hypothesis.In Chapter 7,we use break dark mathematics to establish a quantitative evaluating model of corporate governance culture and investigate empiricallycorporate governance culture of our country,the relation between corporate governance culture and performances. Based on the establishment of evaluation index system,we evaluate Chinese corporate governance culture. The results show that the scores of four factors(CISR) are all low which lead to the low score of corporate governance culture index. The corporate governance culture index,the C factor,and the I factor are positively related to corporate performance,but the relation between the S factor,R factor,the intensity of corporate governance culture and corporate performance are not statistically significant. National cultural traditions and law environment are important factors which give rise to the low level of Chinese corporate governance. The equity structure,the nature of holding share-holders,the ratio of entrepreneur's share,the separation of president of board and CEO,the origin of president of board and the competiveness of industry are factors which have great effect on corporate governance culture.In chapter 8,we study the evoluation and modernization of corporate governance culture. Firstly,we define the concept of "the evoluation of corporate governance culture",and analyze the evoluation's direction and tar...