Corporate Governance: Theory, Modes And China Listed Companies' Practice

Since the birth of China security markets, its validity has become an important topic which the theorists pay close attention and discuss ever and again. Along with the recent continuous exposal of big financial faking problems of some listed companies and share price manipulating cases, and with the graveness of excess stock market speculation and bubble phenomenon from day to day, the discussion on the problems of validity of China security markets for the last few years only exits in some small range research literature of related science publications which has become "great arguments on share markets" laid in the highest authority of Chinese economists at the beginning of this century. Although these arguments about the validity of share markets are actually the continue of different faction points of view about the directions of China economic revolution since long time ago, and although the result is still unable to decided which is right or hard to say which is keeping the weather, one of the indubitable things is that the problem of validity of China security markets has become an important topic in front of us which cannot be evasive when China carry out socialism market economy system revolution.The problems of validity of share markets can be studied from different levels and angles. For example, we can study from the macro side of the whole finance systems and policy, or from the micro side of actions of main market bodies. We can study from the angle of market efficiency demonstration, or from the angle of system variance. Although the angles and means are different, at the present time the results from the domestic study on share markets indicate that China security markets are on the state of a sort of infirmness efficiency. Then, how to change this state of low efficiency, and improve efficiency of share markets efficiently. Some domestic research literature study from different angles, including company share framework, improve inside supervision framework, improve the outside market system and rectification of security markets system.The penman considers, from the angle of a broad sense of corporate governance which is defined in the text, if we explore the deep causation from all kinds of problems in the process of security markets developments in our country, the ultimate reason is lack of supervision in listed companies, detail behaviors are inside supervision inefficiency caused by irrationalityof the framework of possession system and control power, failure of supervision framework inside company, the graveness of control by inner persons, excess low-down deal, lack of property in the state-owned companies, and outside supervision inefficiency caused by limitation of market function and framework and information opacity because of man-made division of stock power, infirmness of outside market system under the condition of insufficient competition, distortion of government system because of improper government interference. Based on this consideration, the text try to study from the angle of this broad sense of corporate governance, discuss and expose the deep reason of low-efficiency of the security markets in our country, and explore the ways and means to improve supervision of listed companies in our country and then improve the efficiency of security markets.The corporate governance in the text includes inside and outside supervision. Inside corporate governance includes the ownership framework, control power framework, inside supervision framework and inspirit system. Outside corporate governance system includes the outside market system, government system and social system which affects and restricts the company actions.To understand corporate governance more profoundly and completely, from the origin of it, the text tries to draw clearly the outline of corporate governance theory from its coming into being, developing and finally the whole theory system. From the following aspects, enterprises theory of their characters in new classical economics and exchange cost econ...