The Study On The Evaluation Of Corporate Governance Of China's Listed Companies

Based on its importance and mechanism, the operation of any firm can be divided into four levels, namely, corporate governance, corporate strategy, business management and flow management. Corporate governance contributes much to the fundamental structure and long-term goal of any corporation and serves as the basis of devising sound development strategy, implementing effective management, and improving the quality and efficiency of the operation of any corporation. The evaluation of corporate governance, through the establishment of scientific evaluation system, will totally and correctly reflect the existing condition of corporate governance so that the stockholders and other stakeholders can judge the performance of corporate governance and identify its problems and directions. It plays an important role of risk alarm and auxiliary decision-making. At present, as a means of accelerating corporate reform and development, the evaluation of corporate governance is welcomed by investors in Europe and many other countries with emerging markets. The evaluation of corporate governance is conducive to the development of capital market, the corporation itself and the protection of stockholders and other stakeholders. Therefore, it will surely gain popularity all over the world in the near future. The main contents of the thesis are as follows:1. The author affirms the function and significance of the evaluation of corporate governance in terms of economics, management and statistics by means of normative and empirical analyses, which provides this research with literature basis and logical support.2. The thesis elaborates the shortcomings of corporate governance structure and operation mechanism of China's listed companies, which is the core of the evaluation of corporate governance of China's listed companies to make the evaluation system of corporate governance of China's listed companies effective. Then the author analyzes the reasons of above shortcomings and comes up with corresponding advice.3. The thesis shows the general conceptual structure of the evaluation of corporate governance, which defines basic principles and structural factors to establish the evaluation pattern and system of corporate governance.4. On the basis of the evaluation pattern of corporate governance of some successful sample corporation, such as SP and DEMINOR, the thesis designs the evaluation pattern of corporate governance in accordance with the characteristics of China's listed companies and the situations of corporate governance of China's listed companies, which makes the evaluation system of corporate governance of China's listed companies more objective, scientific andIVnormative.5. The author establishes the evaluation system of corporate governance of China's listed companies. In the process of establishment, the methods of DELPHY and AHP are used to guarantee specialization and objectivity of the evaluation system. The conclusions of the evaluation system of corporate governance are shown in a very standardized form in order to avoid misunderstanding due to expression variety.6. Finally, 132 listed companies, especially 20 companies in the electronic industry are used as the sample of this study. The thesis carries out empirical study on the relationship between CGI and China's listed companies' performance so as to affirm the effectiveness of the evaluation of corporate governance of China's listed companies. In addition, the author analyzes shortcomings of the above evaluation system and gives corresponding suggestion.The thesis brings forward new ideas in the following aspects: it establishes the general conceptual structure of the evaluation of corporate governance for the first time and designs the evaluation pattern and system of corporate governance for China's listed companies. They are very useful theoretically as well as practically for developing the business and the market of the evaluation of corpora...