On The Construction Of The Effective Corporate Governance In China

Using Marxist enterprise theory stock system theory and corporate financingtheory, relying on the practice of Chinese state-owned enterprise (SOE) reform, thispaper probes into constructing the effective corporate governance which is suitable toChinese national conditions during the corporate-oriented reform of SOE.During the course of writing, this thesis employs Marxist materialist dialects,namely, uses scientific abstract ways and adheres to the unity of logical ways andhistoric ways. Besides, this paper borrows some analytical methods from westerneconomics, such as normative analysis, empirical analysis and so on, and makes use ofthem.In addition to abstract, conclusion and acknowledgement, this paper is composedof four parts.Part â… : Introductory remarks. In this part, the history of SOE reform in our countryis reviewed, and problems and defects among different SOE reform models in differentperiods are analyzed. Chinese SOE reform problems have broken through in theory andpractice in the new historic period, but there are some misleading ideas and practice.For instance, the importance of property is emphasized exaggeratedly Finally, theauthor points out that it is very important to step out of the above erroneous ideas andpractice to build the effective corporate governance.Part â…¡:Effective corporate governance and state-owned enterprises reform. Thispart consists of five sections. The first section expounds essential features of themodern enterprise system and the substance of corporate governance with Marxistenterprise theory and Chandler's modern enterprise theory. This section also clarifiesthat corporate governance is the core of the modern enterprise system. In the secondsection, the author first points out main problems among Chinese corporate governanceat present and analyses the main reasons which result in the above problems accordingto Chinese national conditions. The third and fourth sections analyze and comparedifferent models of corporate governance in the United States, Japan and Germanywhich are develoPed caPitalist countries and in South East Asia which are close tOChina in some ways, and promote rational alternative of leading model of Chinesecorpofate governance according to Chinese national conditions, i.e. corporat6governance dofTilnated by legal person shareholders, during the course of Chinese SOEreform. The fifth section introduces poPular views on how to build the effectivecOrpWe govemance in acadendc field and enterprises. The author puts forward that itshould be in line with our country's national conditions and emPloy market meehhasmto consmict the effective corporate govemance.PartIIl: Changes of corporate financing and founding of the effective corporategovemance. This part consistS of three sections. The first section introduces generaltheOry of enterprise financing models. Then, on the basis of Marx's thought ofenterprise financing models, the smicture of enterprises financing will vary with thedevelOPment of social productive force. The second section analyzes systematically thethought of Marxist EconoIIilcs that corporate governance will vary upon changes ofenterprises financing, and analyzes critically RBerglOf's theory of enterprise financingand corporate govemance, comPares relations between enterprise financing strUctureand corporate govemance in some main caPitalist countries, such as the United States,JaPan and Germany It also analyses positively the aPParance that changes ofentCrprise financing result in changes of corporate govemance in these recent years inour country The third section analyses the present conditions and causes of ChineseSOE financing smicture and points out necessities of enterprise financing strUcturewhich will result in changes of corporate govemance, on the basis of which the authorpoints out that present conditions of financing strUcture of SOE and necessities ofchanges are the most imPortant realisti...