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Study On Corporate Governance Mechanism Based On Multi-Parties Of Interest

Posted on:2004-03-13Degree:DoctorType:Dissertation
Country:ChinaCandidate:D M ZhangFull Text:PDF
GTID:1116360095457006Subject:Management Science and Engineering
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Since 20 centuries nineties, accompanying with economic globalization, intension of international competition, corporate governance was faced with a series of new contradictions and problems, such as interest protection of shareholder under new situation, incentive and restriction problem of human capital and how do the main bodies who contribute specialized investment to company participate corporate governance, etc. Thus, in recent years, corporate governance and its practice of modern company acts as economic entity become interest of economic policy of more and more countries, and become a world program of research and practice.Since fourteenth session three plenary meeting of the Communist Party of China (CPC) in which puts forward establishing modern enterprise system, SOE's reform enter into a new history stage. However, at the course of establishing modern enterprise system, there are some problems in corporate governance such as internal control, contradiction between new and old three boards, etc. This affects the establishing modern enterprise system and the standardizing of securities business seriously, and damage interest of multi-bodies of interest such as shareholder, employee, manager and creditor, etc. So how to propel optimization of corporate governance structure is urgent programs need to solve. This is the study background of the dissertation.At first, the dissertation discriminates and analysis the nature and function of corporate governance based on fundamental theories of enterprise contract and corporate governance. Enterprise is an efficacious mechanism of creating new fortune, it issue from market is not only because it can economize much more transaction costs. As an economic body, the behavior of enterprise is the result of human self-benefit motive and craving for demand. Thereof, the dissertation gives the concept of corporate governance definitely. Corporate governance is system arrangement of standardizing and governing relationship between stakeholders in which shareholder is the main body to achieve supreme fortune creating for long terms by incomplete contract under the framework of law, norm and convention. The core and essence of corporate governance is system arrangement to collaborates intricate relationship of the interest system in which the investor interest is core, the manager interest, employee interest are pillar, and the otherstakeholders interest are in supporting status. Based on this, the dissertation analysis systematically four fundamental function of corporate governance. All these analysis give strong basis for the following research.The enterprise contract theory is source of multi-parties of interest theory. Thesis believes that enterprise is union of a series of incomplete property contract. Accompanying with the transformation of the system circumstances and specialized investment, incomplete property contract will continue adjust enterprise ownership marginally; achieve the transition from element parties participate in contract to governance parties. At the same time, the dissertation analysis governance parties' dimension and the decision efficiency of muti-individual union decide. This led to plural-character of corporate governance parties. The dissertation analyzed action of multi-parties such as shareholder, employee, manager and creditor from aspects of controlling cost and profit effectively, system arrangement and society culture traditionThe dissertation constructed corporate governance theory system. It consists of main body of corporate governance, object of corporate governance, and boundary of corporate governance and mechanism of corporate governance. Among them, corporate mechanism is operation form and way by which governance body impacts governance object to realize governance function and goal of creating fortune for a long time. According to base of exerting function corporate governance mechanism can be divided internal governance mechanism based on corporate governance structure, market governance mechanism based...
Keywords/Search Tags:Corporate Governance, Governance Mechanism, Multi-Parties of Interest, Demonstrate Analysis
PDF Full Text Request
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