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Governance Structure And Corporate Performance Of Listed Companies In China: Theory And Empirical Research

Posted on:2004-01-20Degree:DoctorType:Dissertation
Country:ChinaCandidate:B ZhangFull Text:PDF
GTID:1116360122470681Subject:Agricultural Economics and Management
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With the development of globalization and the theory on ownership right, corporate governance has becomes one of the most important content of corporate theory, and also turns into a vital symbolic factor to measure the competitiveness of one country. The core of the corporate governance is to ensure scientific decision-making and improve its performance. Corporate performance is the most effective and direct reflection to measure whether the corporate governance be healthy or not. High level of corporate governance is necessarily related with favorable corporate performance and the ability of sustainable development. So effective corporate governance is the essential condition to improve corporate performance. After entry into the World Trade Orgnization (WTO), Chinese corporations will face more severe and cruel international competition. Their status in global competition will determine the economic development prospect and synthetic competition ability in some extent. Whether the corporate governance be perfect or not has become one of the key factors to determine the success possibility in Chinese economic reform and capital market sustainable development. However, corporate governance is still one new concept in China, and the theoretical study and practices on corporate governance are just starting. So this paper selects corporate governance and corporate performance as its topic, which shows both theoretical and practical value in China.This paper chooses Chinese listed companies as its study object, without making general research on corporate governance. With the development of Chinese capital market, the listed companies have become the main force of Chinese companies and the excellent representatives of big corporations, which are essence of Chinese national economy. The research on Chinese listed company' governance shows the typicalness of describing and explaining the process of Chinese political and economic reform. It takes on the advance of revealing and forecasting the condition of economy development in Chinese market, and embodying the development level of Chinese national economy. Considering the above factors, we focus our study on the governance of Chinese listed companies, but not separating it from those in common sense.In substance, the theory on corporate governance is just studying the involved people who take part in the corporate management. Among them the main include: (1) shareholders; (2) board of directors; (3) managers; (4) correlative benefit bodies, such as creditors,employees and suppliers. We believe the creditors are the most important correlative benefit body. And from the point of investment, shareholders and creditors consist the final investors. So, from the body who are involved in corporate governance, the contents of this paper mainly focus on the following four aspects: (1) shareholders governance and corporate performance; (2) creditors governance and corporate performance; (3) board of directors governance and corporate performance; (4) managers incentives and corporate performance.This paper consists of the following eight chapters:Chapter 1, introduction. We analyze the research background and purpose at first. Then we put forward the main contents and framework. Also we discuss the study method and its technical path. At last, we analyze our innovations and the problems that should be studied further in this paper.Chapter 2, Basic propositions and theoretical study on the corporate governance and its performance. In this part, we analyze and appraise the concept of corporate governance, comparatively study the basic theory on corporate governance, such as two right separation theory etc. We set up a common theory framework of the relation between the corporate governance and its performance mainly by using the agent-trust theory in order to provide the theory basis for our deep study.Chapter 3, appraisement index of listed companies' performance and the model choice. In this part, we review and summarize Chinese scholars' research on t...
Keywords/Search Tags:listed company, corporate governance, corporate performance, shareholder, creditor, board of directors, manager
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