Study On Chinese Enterprises' Innovation Of Corporate Governance

The research into corporate governance of Chinese enterprises has just begun in the 1990's. In the course of the conversion of our economy system into market economy, establishing a modern enterprise system has been the objective and goal of the reform set by Chinese enterprises. Chinese enterprises have erected the standard "modern enterprise system" in the legal sense, but the problem how to truly realize ideal operation of this system and make rapid advance of Chinese enterprises appeals to the innovation of corporate governance.The research into corporate governance in foreign countries sets out at the beginning of last century. By contrast, overseas enterprises have established quite perfect corporate governance structure, however, they can not resolve all the problems existing in corporate governance; In the worse, the research into corporate governance in our country always stay on the restriction and balance relationship at the structural level. In such a background, I research the subject of the innovation of Chinese corporate governance. Firstly, according to the development logic of the nature of the firm in the view of "linear-surface-system" type, this essay shows the restricting and balancing corporate governance of "system" type based on emphasizing efficiency. Then, this paper sets an explanation to corporate governance and gives theoretical analysis about it in the way of combining modern firm theory with the entrusted agency relationship. And then it comes to a conclusion of how to construct the corporate governance model of Chinese enterprises by comparing the model in Britain & America with that in German & Japan. How to form this model? It is just the crucial point of this paper. Chapter three emphatically elaborate the problems exist in corporate governance of Chinese enterprise; Based on it, inchapter four, the core of innovation is discussed, that is "the combination of co-governance and contingent governance". In details, on one hand, sound internal governance of Chinese enterprises must be constructed in order to realize the restriction; On the other hand, balance of external governance must be accumulated, and it needs opening up in such aspects as product market, capital market, manager market, legal supervision and intermediary organization and so on, to strengthen the external governance.