The Research About The Change Of The Corporate Governance

In 20 century, western nations gained splendent economic success, which comes from two things. The first is the higher productivity that technology development brought about;the second is the lower transaction cost that is from the innovation of the economic organization. The more important thing is the multiplex development of the modern firm. On the one hand, there are many different kinds of corporate governance in the the history, for example, owner-managed unilateral governance, laber-managed unilateral governance, stakeholder-managed co-governance, majority shareholder-managed governance, and so on. On the other hand, there are different models of corporate governance in different countries and regions, whose competition forms the main content of international competition. Corporate governance is not only the most important content of the modern corporate institution, but also the key factor to increase the corporate competitive power and running achievement.Corporate governance structure comes into being in the history along with the economic development. Different institutional environment influence its development too. It will have important academic and pratical meaning to research the change of the corporate goveraance and try to give the economic explanation of the history and future of the different models.The change of corporate governance depends on the consequence that the subjects negotiated for the ownership. The subject's power of the negotiation will change along with the change of the circumstance. So they will enter into next negotiation, which change the corporate governance finally. Path-dependence is the key factor to form the modes of the corporate governance. It is impossible for any model to be valid everywhere in the world. So the imposed change is often inefficient.An analytical framework of the change of corporate governance is tried to be built up in the paper. The chapter one is the introduction of the paper. Practical information of change of corporate governance is summarized in Chapter two and three. The main contents of the analytical framework are discussed in chapter four, five and six. The mode of change of corporate governance is analysed in chapter seven.Some innovational research is done in some aspects:1. The research about the change of the corporate governance is wanting in the theory of the corporate governance. An analytical framework is built up in the paper, which includes the main factors, dynamical mechanism, and path-dependence. The analytical framework will be helpful to understand the corporate governance and hold its logic and trend.2. The change of corporate governance is researched in the paper by the theory of institutional equilibrium and disequilibrium. The corporate governance is a kind of institutional equilibrium, which is complicated, mulriple, and dynamic. The change of corporate governance is a kind of process from the institutional disequilibrium to the institutional equilibrium. The change of external environment is the external origin that arosed the disequilibrium of the coporate governance. The subject's negotiation is the internal origin that drived the corporate governance to the institutional equilibrium.3. The subject of the change of the corporate governance is expounded in the paper on the basis of historical review of the change of corporate governance and the international compare of the models of the corporate governance. It is showed that the movement of the subjects is the main clue of the change of the corporate governance.4. The emphasis of the existing research is how to build an ideal or normative model of corporate governance. The advices are often ivory-towered because the effect of the institutional environment is neglected. It is showed that the induced change should be the main mode in the change of corporate governance. So the government should change its role in the reform of state corporate.