Research On Capital Structure And Corporate Governance Of State-Owned Enterprises

Chinese reform on State-Owned Enterprises (SOEs) is an incremental and constantly exploring process. With deepening of reform, it is up to agenda to establish the modem enterprise institution tallying with the socialist market economic system. Beginning stock system reform in SOEs is faced up with two problems at least. One is how to define arrangements of property rights for SOEs. The other is how to configure the pattern of structure of governance with Chinese characteristics. It is based on existence of such problems that we set our logic for research that SOEs reform should regard optimizing capital structure as its start point, configurations and satisfactions as its core part and reconstructing stock system of SOEs as its final point.The first chapter is brief introduction. Chapter 2 is concerned with evolution of enterprise institution theoretically and associated corporate finance and corporate governance. This chapter lay theoretical foundations for understanding relationship among poor performance, governance model and capital structure of SOEs, for knowing about direction of modern enterprise institution as SOEs reform and for designing reform polices over capital structure and corporate governance.Subsequent chapter 3 is directed at analyses of shareholder-led corporate governance in UK and USA, bank-led corporate governance in Germany and Japan.Chapter 4 and chapter 5 are analyses of capital structure and governance model of SOEs and analyses of governance efficiency, and set forth suggestions of policy over deepening SOEs reform. It is worthwhile stated that we postulate an optimizing pathway for SOEs capital structure to achieve interim of SOEs governance model, as is "all stake-holders participating under shareholder-led corporate governance model".