State-owned Commercial Banks In Corporate Governance Research

The specialty of the state-owned bank's corporate governance has determined that, it is based on the stakeholders theory. The article puts forward a new point: the stakeholders theory distinguishing the normal corporate governance theory is the speech right system that substituting the stake right system; this new point develops the stakeholders theory. The precondition of the speech right system is: The large shareholder's value tropism, the government's supervision demand, the society's value system and the information public mechanism.Based on the above logic and idea, we construct a game model about the state-owned corporate-governance, and induce the strategic investor as the important participator. In the new-constructed model, we discover that even if there are not the cahoots behavior between the large stockholder and the manager, the opportunism also leads to the limitation of the state-owned bank's corporate governance. So, it is on the demand to induce the strategic investor as a strong force to restrain the government (also the larger stockholder)'s overmuch interference. The further research discovered that the relative passive strategic investor is advantage to the short term performance of the corporate governance while the positive is advantageous in the long run.After investigate the practical reform of the three largest state-owned banks who induce the strategic investor, we discover that the speech system has brought more and more effects. And the success is on the following factors: The state-owned shareholder has changed its vale tropism as internationalization, marketlization, and modernization. The basal market rule has become the whole society's common idea and the new value tropism has formed. Based on the speech right system, the strategic investor has got the speech right more than its share given. And it improves the corporate governance performance of the state-owned banks.The further research of the international practice on the reform of the state-owned banks has illumine us that different country has different reform ways determined on the beginning point, background, aim and the restriction. But to open to the foreign capitals, induce the strategic investor, and decentralize the share is the common reform way of the state-owned banks. And to disjoin the government and the state-owned bank, supervision standardization, information public are all the successful practice.