The Study On The Common Equity Structure And The Corporate Governance Of The Listed Companies

The common equity structure is a foundation of the corporate governance, whether its installing condition is reasonable has a decisiveness effect for the efficiency of the corporate governance. Therefore when designing the corporate governance, we should set up a reasonable common equity structure. Because most of the listed Chinese companies are formed by the state-owned enterprises, there is a lot unreasonableness in the common equity structure. From this it led to some defects in the corporate governance unavoidable.The paper begin with the property right and the organization system of the listed companies, the common equity structure and the corporate governance are analyzed, and we reach a conclusion that there are four big defects in the corporate governance, after that we also analyze that the common equity how to act on the corporate governance, finally they are verified by the substantial evidence. Based on them, we put forward the purport of this paper that building the pattern of the multiple-bodies common equity structure and the corporation-stockholder-leading corporate governance.The multiple-bodies common equity structure is to form a state that the common equity has diversified holders and the level of concentration is decentralized appropriately. The pattern of the common equity will contribute to eliminate the abuse in the existing common equity structure. To adapt to the pattern of the multiple-bodies common equity structure, we should set up the pattern of the corporation-stockholder-leading corporate governance. The pattern of the corporate governance can not only impel every authority organization to clear the right and the responsibility, to divide the labor reasonably, to improve the initiative of governance, but also form a structure which is able to restrict effectively incentive effectively and restrain effectively. It should be fairly ideal.On the guide of this thinking, this paper is composed of five parts (six chapter). There are: (1) Introduction; (2) Analyze on the common equity structure and the corporate governance commonly; (3) Describe the general situation of the listed Chinese companies; (4) Analyze on the common equity structure how to act on the corporate governance; (5) Design and build the ideal pattern of the common equity structure and the corporate governance.