On Influences Of Abating The State-owned Stocks On The Governance Structure In The Listed Companies

The problem of governance structure cause of the Principle-agency raised the separation" of ownership and controlling rights of the finn in the modern corporation. The governance structure is an arrangement of system, which regulates the relations of rights, duties and interests among different interests subjects on the basis of separation and integration that capital ownership of laws and economy or investor and manager in modem corporations. The factors, which influence governance structure, are many. On the basis of positive studying the Governance Structure in listed companies, This dissertation draw a conclusion that irrational structure of property rights which state-owned stocks hold a dominate position and have no circulation causes imperfections governance structure in listed companies. So abating state-owned stocks is necessary and significant. This paper analyzes active effects of abating state-owned stocks on governance structure in listed companies.The structure of property rights has important effects on the governance structure because different structure of property rights among which shareholder's component part and behavior in the governance structure is different. The structure of property rights has three types: high degree centralized; high degree decentralized and moderate degree centralized. Three types have different effects on compatibility, supervisory system, hostile-takeover market, contending of leadership so they lead to different efficiency on governance structure.Most listed companies are transformed from state-owned firms. Owing to historical limitations and the influences of the ideology, the property rights in listed companies are break up artificially into state-owned stocks, legal representative-owned stocks, circulation stocks, state-owned stocks hold a dominate position and have no circulation.This special structure of property rights is basic reason for defect of the governance structure in listed companies and no standard in stock market. Abating the state-owned stocks to optimize the structure of property rights is the best choice of standardizing the governance structure.In macro respect abating the state-owned stocks is significant in strategically adjusting state-owned economy. In micro respect abating the state-owned stocks has deeply changeable effect on the governance structure in listed companies. Firstly this effect manifests on inter governance structure: government-firm separation help clear the property rights and distinct rights and duties; control 'inter-controlling'; strengthen compatibility and supervisory on manager effects; reconstruct legal governance in listed companies. Secondly on outer governance structure: help stakeholder participate governance; standard stock market and optimize disposition of controlling rights; develop organization investors; strengthen bank controlling. The experience of optimizing the structure of property rights to perfect the governance structure is used to state-owned firm deep change for reference.In short, being abated the state-owned stocks; the governance structures in listed companies take on a new look. Of course, the further development and improvement of the governance structures in listed companies still connect with the coordination and support of system innovations of all others.