| Since the two Stock Exchange(SE) have been set up in Shanghai and Shenzhen in 1990, the securities market has made a conspicuous progress in China. At the same time, the corporate governance of listed company has become normative and mature gradually, which has already had a very important effect on the state-owned enterprise reform. However, because the Stock Market in China is a kind of newly rising market, some problems still exist in the corporate governance of listed company. To harmonize and solve these problems, we must dig out the causes which brought on them, and thus put forward the problem-solving projects and measures. Although, probably there could be various problems in realistic firms, while radically to say, the corporation should be a harmonious organization, and the relation between various production factors should be a kind of cooperation. As a basic unit of the economy in production, exchange, allotment and consumption, the corporation is a nexus of contracts by various production factors,which is the representation and result of cooperation by each participant with common desire. The harmoniousness should be a basic characteristic of the corporation in the socialism market economy. To establish the harmonious company and exert its harmoniousness is one of the very important targets in the development of the Socialism Market Economy. The basic contents of the harmonious company include that:(1)the personal benefits and the corporation benefits are mutually harmonious.(2) the personal development and the corporation development are mutually harmonious.(3)the private economy and the public economy are mutually harmonious.(4)the Real Economy and Fictitious Economy are mutually harmonious.(5)each factor proprietor of the corporation is mutually harmonious.(6)the regulation and control of the government and the competition of corporation are mutually harmonious. The main characteristics of the harmonious company include that: (1)the property of the harmonious joint-stock company is social owned property.(2)the production of the harmonious company is production of cooperation.(3)the product of the harmonious company is common product.(4)the allotment of the harmonious company is allotment of cooperation.(5)the corporate governance of the harmonious company is common corporate governance. The socialist society with harmoniousness that we want to establish should be the kind of society, which consists of democracy and nomocracy, fairness and justice, faithfulness and fraternity, vigor and innovation, stabilization and orderliness, ecotype and coexistent harmoniousness between human and nature. The harmonious society is a complicated and systemic project, which includes every aspect of politics, economy, society and culture, and requests us to synthetically resolve the problems to achieve the harmonious social development, making use of various measures of policy, law, economy, and administration, planning as a whole of various social resources. The harmonious company is a part of the harmonious society, (and)they are organic unity. In recent years, many academic papers always use the concept of "the ownership of the firm", but this phrase is not normative and exact. The corporation does not have an independent ownership, namely, the "ownership of the firm", particularly in modern joint-stock company. However, "the ownership of the firm"is a practical and convenient term in research. More and more scholars use it as a criterion nowadays, no matter how it's not standard. It's necessary to differentiate and analyze the term thoroughly before using it. "The ownership of the firm"is usually used to describe the residual claimancy and the residual rights of control in company, and its embodiment is the corporate governance structure. The Non-Human Capital ownership Paradigm of the firm, the representatives of which mainly include Alchian, Demsetz, Grossman, Hart,and Moore, etc., insists that the residual claimancy and the residual rights of control in company should be collocated to the owner of the Non-Human Capital. Its embodiment is the unilateral corporate governance structure, whichemphasizes to maximize the shareholders'benefits. As an important part of the contractual theory of the firm, this paradigm has received recognition both in theory and practice. The corporate governance structure in American and Britain are embodiments of the Non-Human Capital Paradigm, which are usually called the market-oriented corporate governance structure. However, it still has a series of disadvantages or shortages, these aspects include that:(1)the Non-Human Capital ownership Paradigm of the firm does not help to set up a harmonious and coexistent condition between all kinds of the factor proprietors of the corporation. (2)the paradigm neglects the cooperation characteristic inside the company.(3)the paradigm neglects the characteristic and function of the human capital.(4) the proposition of "the capital hires the labor"educed from the paradigm is fallacious.(5)the applicability of the G-H-M model, which is the core embodiment of the paradigm, is completely limited. (6)the paradigm is hard to explain the sharing system, which has been gradually developing in practice. As a result of all these disadvantages or shortages, the paradigm is coming under more and more challenges. The Stakeholders ownership Paradigm of the firm, the representatives of which mainly include Freeman, Blair, Rajan and Zingales, etc., insists that the residual claimancy and the residual rights of control in company should be collocated to all of the stakeholders, which include the shareholder, the creditor, the employee, the supplier, the consumer, etc. Its embodiment is a kind of common corporate governance structure, and the practice in Germany and Japan are representatives, which are usually called the bank-oriented corporate governance structure. By comparison, the Stakeholders ownership Paradigm of the firm is rather closer to actuality than the Non-Human Capital Paradigm, and it likely has more interpretative power, the motivation of which is to protect the stakeholders'benefits. Nevertheless, it also exists many disadvantages or shortages, these aspects include that:(1)the definition of the concept of stakeholder exists disadvantages.(2)the research method has some disadvantages.(3)it lacks of a magistral stakeholder.(4)the key capital or key resource lacks of an impersonal criterion.(5)the definition of the concept can elicit some other disadvantages. All above aspects have made the Stakeholder Paradigm be a non-mature one. The Non-Human Capital Paradigm and the Stakeholder Paradigm are two of the most important ownership paradigms ofthe firm. Both these two paradigms have some rationality, but they can insufficiently supply a mechanism which would effectively harmonize and deal with the inner conflicts of the company nowadays. They could not set up a harmonious and coexistent condition including all factor proprietors, and they are not completely applicable in our company. The development of the theories should be created by ourselves, through analyzing and summarizing the experience. It's of no meaning to copy the western theories integrallty. The mission of establishing a harmonious society urgently request us Chinese scholars to create a new mode on the ownership of the firm according to our condition, which could have more interpretative power, could be rather closer to our actuality, and could be more useful to deal with the actual economic problems in our country. The harmonious mode on the ownership of the firm wants to set up a mechanism which could effectively harmonize and deal with the inner conflicts inside the company nowadays, through in-depth theoretical research, analyzing the causes of the problems in the corporate governance. This mode tries to abate and resolve the inner conflicts of the company, to mobilize the enthusiasm of all factor proprietors widely and adequately, to protect the rights and interests of them, and to set up a harmonious and coexistent condition including all kinds of the factor proprietors which would let each of them exert his ability and get his benefits. Given the Non-Human Capital Paradigm and the Stakeholder Paradigm for references, we can set up a new harmonious mode on the ownership of the firm. The core standpoints of the harmonious mode include that: "The ownership of the firm"describes the residual claimancy and the residual rights of control in company, and it should be allotted by all kinds of the factor proprietors, that is, each factor proprietor should be of the participant in its allocation. To each factor proprietor, the proportion of the allocation on the ownership of the firm should be corresponded to its contribution rate, in other words, it should be allotted according to the ownership rights of the factor. Based on the ownership rights of the factor, the allocation would be influenced by a series of other factors, which include the risk characteristic of the factor proprietor, the simplicity or difficulty of supervise factor proprietor,the degree of the asset specificity, the power to negotiate, and the system factor, etc. Theprinciple of the allocation on the ownership of the firm is dispersing and symmetrical distribution. The embodiment of the harmonious mode on the ownership of the firm is a common corporate governance structure by all kinds of the factor proprietors. The harmonious mode on the ownership of the firm can be described subtly and concretely by mathematics tool. The harmonious model on the ownership of the firm reflects the core ideas of the harmonious mode, namely, the ownership of the firm should be allotted by all kinds of the factor proprietors, and each factor proprietor should be of the participant in its allocation. To each factor proprietor, the proportion of the allocation on the ownership of the firm should be corresponded to its contribution rate (or contribution quotient).It should be allotted according to the ownership rights of the factor, which is the basis in its allocation. Using marginal analytical method and game theory analytical method, and exceeding marginal analytical method, we can analyze the first order condition, the second order condition, the static Nash Equilibrium solution, and the corner solution of the harmonious model, in addition, we can also analyze the relation between all kinds of the factor proprietors in the model thoroughly. The current corporate governance structure in our country is close to what emphasizes to maximize the shareholders'benefits. It also has many disadvantages or shortages, which exists in the Non-Human Capital ownership Paradigm of the firm involuntarily. Moreover, most listed companies in our country are state-owned enterprises, which inherently exist a series of disadvantages or shortages. These aspects include that: (1)the ownership structure is irrational.(2)the financing structure is irrationality irrational.(3)the governance mechanism of other factor proprietor is distempered.(4)the insider control status is severe.(5)the inner supervising and controlling mechanisms are incomplete.(6) the encouraging mechanism about supervisor is distempered.(7)the exterior governance mechanism is distempered.(8)the function of the government is either out of the position, or in offside position, or in wrong position. All these problems affect the efficiency of the listed company governance structure. With the main problems in it, we can reform and consummate the listed company governance structure in our country according to the harmonious...
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