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Corporate Governance And Firm Performance: A Theoretical And Empirical Study

Posted on:2004-10-11Degree:DoctorType:Dissertation
Country:ChinaCandidate:Z J SongFull Text:PDF
GTID:1116360122970361Subject:Technical Economics and Management
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Middle of 80's of 20 centuries, because of the descent of the company competition ability of the United States, the tide of merging, the economy structure changing, and large company reorganization etc., the study on the corporate governance became very important. Generalized of speaking, more than 20 in the last years, the most of western researchers concentrates primarily in " the two powers separating" which caused the conflict between the owners and the governors. The main research contents involved ownership structure, takeover, managers' pay. In recent years, Many western scholars research interest concentrated on analyzing the "insider control" in the listed company and benefits conflict between large shareholder and small shareholder.Although the history of the Chinese listed company developed just 10 years or more, China has obtained the eye-catcher achievement. Because China has decided to establish the modern enterprise system as a goal for large and medium-sized state-owned enterprise and conduct the listed company as a experiencing action, many scholars concerned on it when the listed company was on appearing in China. The early research result of the local Chinese scholars concentrated primarily in the aspects of introducing modern corporate governance theories and western countries developments in modern corporate governance experience precept and comparing modes of corporate governance. In recent years, Chinese government department and scholars have concentrated again on solving the problems, which frequently emerge in the Chinese listed company.This dissertation is a further research on corporate governance based on the research results of the concept and basic theories in corporate governance by western and domestic scholars. The thesis has established an analyzing framework. In comparing to analyze typical corporate governance mode in western countries, we have set up the related suggestion in keeping better Chinese state-owned enterprise company corporate governance mode. At the same time, regarding Chinese listed company as the sample, we concentrated on the relationship between the corporate governance mechanism (including the ownership structure, the board of directors, financial structure, managers incentive) with the corporate performance, and made substantial evidence analyzing problems on the Chinese listed company. We provide the theories and experience result for the enterprise reformation. The follows are details:The relationship between the ownership and corporate performance has acontroversial lesson. The substantial evidence research did not get the conclusion of a consistence .The dissertation regards Chinese listed company as the sample, proceeding the experience analysis, and discovers the ownership does not affect the corporate performance. We think that the basic reason of the low efficiency in Chinese stock market do not consist in the ownership of structure .The key of the state-owned listed company problem does not consist in having or not state-owned or intensive degree of state-owned ownership, but consist in to have a right fixed position. To resolve this problem, the solution should be from the source head, realizing as soon as possible the market turn mechanisms, and realizing all of the stock share circulating.Board of directors is an important component part of corporate governance. As a governance mechanism, we empirically studies relationship among the scale of the board of directors, the structure of the board of directors and the duality leadership structure with corporate performance in Chinese public companies. The result shows that the scale of the board of the directors is smaller, the performance is better. With the ownership structure changes better, the structure of the board of the directors will change better and promotes the performance. The duality leadership structure doesn't affect the corporate performance. The fundamental method for the governance effectiveness of the Board is to set up the reasonable ownership str...
Keywords/Search Tags:Corporate Governance, Ownership Structure, Corporate Performance, Patternsof Corporate Governance, SOE Reform
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