Governance Model Based On The Actual Control Structure Of Listed Companies

Corporate governance has been the topic of enormous research interests for a long time. Academics from all over the world have contributed their researches to this field with different approaches and perspectives. The purpose of this paper is to study the choice of corporate governance models for listed firms from the perspective of the structure of real control of the firms based on the theory of stakeholders.My study assumes there is no good or bad corporate governance model, but only the model that is suitable for the real control of the firm.The paper starts from analyzing the relationship among the stakeholders of different interests with real control of the firms as their focus, and proceeds by discussing the corresponding corporate governance models. One of the characteristics of this paper is the cogent theoretical analysis. The logic of the research is: financing structure—structure of real control—the control and relationship of stakeholders—the models of corporate governance.This paper consists of 9 chapters,120,000 words The paper proceeds as follows:Section 1 is the introduction, which raises the issues and summarizes the finding of the paper and its implication.Section 2 summarizes the relevant literatures up till now, with an emphasis on the approaches and perspectives of different researches. The research approach of this paper is also laid out.Section 3 presents the theoretical framework of the paper. This section describes in detail about the concept of " structure of the real control of the firm", the factors that affect the real control of the firms, and the relationship between the corporate governance models and the real control of firms. Section 4&5 analyze and compare the real control and corporate governance models for Anglo-Saxon firms and Japanese and German firms within the theoretical framework set out in the section 3. The relationship and effectiveness of these two corporate governance models are also analyzed.Section 6,7&8 describes the real control structure and corporate governance models of listed firms in China, And proposes some policy suggestions to improve the corporate governance practices in China based on the research results of the paper.