Research On The Corporate Governance Of Listed Companies

Effective corporate governance can not only guarantee the establishment of modern enterprise system, but also maintain the economic healthy operation and society's stable development. With the transition from planned economy to market economy in China, the corporate governance experienced the reform from nominal corporate governance in feature of centralization of state power without the vital policy decision right to the government's gradually extending the enterprise's power, which are moving toward the continuous improvement and standardization. The result that has been achieved in this field is great and obvious. Especially with the development and expansion of listed companies in China within more than ten years, their corporate governance's development and improvement provide the precious experiences and material for the reform of China's state-owned enterprises and the establishment of the modern enterprise system. But because of most of listed companies in China transforming from the former state-owned enterprises, they are still greatly influenced by the past planned economy system. Meanwhile our market environment and institutional system are not consummate. Therefore so far there are still lots of problems in the respect of corporate governance in China, which not only restrict the listed companies' market competence but also seriously influence the economic sustained development. That establishing the effective and sound corporate governance with distinct Chinese characteristics on the basis of absorbing the relevant theory's research and the foreign mature experiences according to the current China's specific situation has been a key issue for China's system transition and reform's deepening.This thesis mainly includes four sections. Firstly it introduces relative theory basis about corporate governance including the theory of basic property rights, beyond property-right argument and theory of enterprise's trust&agency in order to provide theory guideline for the research. Secondly it briefs the three typical corporate governance mode including outside-supervising type, inside-supervising type and family-group-supervising type to broaden our train of thought to improve the corporate governance from various angles. Then the following is the research on the problems that currently exist in the listed company's corporate governance, which is based on the analysis of its evolution process. These main problems are structure irrationality in capital stock, serious insider control, oversoften in chief-creditor's binding right and imperfection in outside supervision. In view of these problems, finally this article brings forward the relevant optimization advice. This section, at first, presents the design prerequisite of the corporate governance. Then it puts forward the optimization advice from both inside and outside angles to provide the references for the improvement of corporate governance and the establishment of modern enterprise system.