A Research On The Corporate Governance Of Securities Company Under The Opened Economy

Researching and improving the corporate government of Chinese securities companies, from the micro angle, would affect directly the authorities, obligations and responsibilities of every interest-related party such as shareholders, directors, managers, creditors and so on, and affect the decision mechanism and the management efficiency of securities company. From the macro angle, it would affect the quality and efficiency of the financial market and the ability of disposing resources reasonably in capital market. Especially in an opened economy, whether construct the governance structure of securities company according to the international universal principles or not, would be related to the investors' confidence in our capital market. So, researching how to improve the corporate governance of our securities companies' have great importance to the development of national economy.Chinese securities companies developed late but fast, and they were in a transition situation right now. In addition to the researching content in common sense, the corporate governance of the securities company must be suitable to its characteristics such as service trade, heated competition and high risk etc. As a result, there would be some specific characteristics in the corporate governance of the securities company, including the governance authorities, structure of the creditors, knowledge concentrated trade and the principal part in the capital market. All of these would affect the corporate governance of the securities company greatly. In view of this, this paper manages the core and marrow of the arrangements theory of domestic and international companies with many kinds of analytical methods such as real example analysis, quantitative analysis, comparative analysis, case analyzing. Then the paper will research the management of securities company on omni-directions and many angles, and make the standard research approach run through the whole text, trying to confirm the direction of reform and seek a good way to solve problems.The paper makes a structure of analysis frame of the corporate governance of securities companies under the opened economy. Considering the general corporate governance of common companies, this paper investigates the element of the regulations, the capital, the structure and the operation about the corporate governance of securities companies, and studies the center subjects, including ownership, financing structure, encouragement of the board of directors and managers, etc. And then it makes a comparative analysis of the corporate governance of domestic securities company,using two typical models of the corporate governance of western securities company.The article is divided into four parts besides Introduction. First part, Introduction: theory analysis, namely chapter two of this paper. This part mainly defines the economy explaining and theory category of the corporate governance of company, has investigated the subject forming of corporate governance of modern company, analyses the key function of operator encouragement and tied mechanism in corporate governance of company and the main factor that influences the efficiency of the corporative governance of company briefly. Second part: positive research, namely this text is from chapter three to chapter seven. This part bases on the characteristic and practice of the corporate governance of Chinese securities company, investigating and analyzing ownership, financing structure, encouragement of the board of directors and managers and etc., and trying to seek universal law and basic principle that is suitable to the corporate governance of Chinese securities company and set up a research frame of the corporate governance of securities company. The third part: relatively study and case researching, including chapter eight and chapter nine. This part mainly makes a comparative analysis in the corporate governance between Chinese and foreign securities companies. What we want is to look through the question and find out disparity, and we takes the CITI Securities Company as an example to analyze thoroughly in the hope of finding out the universal thinking of the corporate governance of securities company. The fourth part: policy research, namely chapter ten. This part is mainly restrained from stock right structure, financing structure, the creditor restrains, the composing of board of directors, the improvement of managers layer encouragement institution and interest-related party etc. and put forward consulting suggestion and policy ideas in order to optimize the corporate governance of securities company.The research of this paper will offer important logic frame and theory preparing for optimization of the securities company and steadily promote the practice level of the corporate governance of securities companies in our country. We believe that the improvement of the corporate governance of securities companies, which will contribute to the sound development of the competence in the whole company of listed company, and it will contribute to the overall setting-up of the modern enterprise system of our country.