Research On Governance Structure Of Chinese Listed Company

China has gained great achievements in her market-oriented economic reform since 1980s. As an important and indispensable part of market economy, the security market went forward along instead of a stable but a more waving way from its establishment. We can declare that China' s security market made great contribution to the development of our fast growing economy and the reform of state-owned enterprise, but it does not mean China' s security market has no weakness or it has reach the stage of maturity.Because of the entrance to security market is mainly controlled by central and local governments, and also resulted from that cheating in this market including exposal of false financial statements, inside transactions and abuse of raised capital would be expected not to be severely punished, the efficiency of the listed companies are much lower than the expectation although they represented the best of Chinese enterprises and possessed the best resources.The investor started to lose confidence to the cash dividend and capital gain and also to the credits of almost all the listed companies. And some of the government policies on security market did not consider the interest of investors and resulted great shock on the performance of market. Many scholars have to reconsider some problems of the listed company, outsiders and governments. They hope to find a solution to increase the efficiency of capital market and the performance of listed company.A good solution requires the through analysis of the current problems like lack of credit and positive efforts to earn profits. Someone think the share structures of Chinese companies are too concentrated and needto be adjusted to a relatively scattered structure. Someone said the difference in rights and obligations of different kinds of shares like A share, B share, H share and N share is the main cause of current low efficiency. Someone think we need independent outside director to counteract the intensive control from the primary shareholders. Who is right? Or which is the most important reason of current questions?To find a solution we need three things: the first is the experiences and practices of other developed countries who have more matured security markets, the second is the theory about corporate governance, capital structure and related topics, the third is the whole stages Chinese security market and listed companies had experienced and the newest opinions on current problems.After review of the captioned aspects, we may find that we have to solve several problems of different levels like: to make the owner of state-owned assets and their agents to act as real owner and agent not government officer, to make the information exposal mechanism more effective and to make the behavior of supervising bureau more effective.