Study On Corporate Governance And Strategic Performance Improvement Of Listed Company In Electricity Industry

The electricity industry in China is moving from a monopolistic situation towards a market-oriented one, as a result the interests status and business environment of the electricity industry have been changing. With the changing of the world economy, the adjustment of the economic structure and policy during China's economy in transition and the external environmental change due to the internal reform of the electricity industry itself, the new theoretical problems for the electricity industry on how to efficiently make use of this opportunity to accomplish the internal system transformation, establish the modern enterprise system, perfect the corporate governance and improve strategic performance have been brought forward.China has entered the WTO and the national economy is still developing rapidly, but the development of capital market demands more research on especially the emerging problems on the governing of listed companies. Such measures as introducing oversea strategic investors (i.e. QFII and the set-up of various funds), allowing foreign businessmen purchase the State share and legal person share have shaken the monopolistic competitive advantage of electricity industry, which has to be innovative to meet the market demands. Therefore, this thesis focuses on exploring, from a corporate governance perspective, the relationships between the capital structure of listed electricity companies, the structure of share right and the strategic performance under a dynamic environment.In this thesis we choose company value as the index of a company's strategic performance, so as to obtain basic features of corporate governance structure of listed electricity companies and their influence on the company value index and value creativity capability index. All the electricity companies listed in Shanghai and Shenzhen Stock Market are samples for investigating the relationship between all aspects of corporate governance patterns and company strategic performance under current dynamic circumstances.First of all, this thesis discusses the relationship between the market - orientedness of electricity industry and the strategic performance of listed electricity companies and analyzes the reform objective, development and status quo of our monopolistic industries, pointing out that market failure will absolutely lead to the marketization of electricity industry. Furthermore, the increase of electricity companies' performance in such a dynamic environment is discussed.Secondly, through the theoretical study of corporate governance structure and strategic performance, this thesis points out that the completeness of corporate governance structure is decisive to a company's adaptability to the environment and further influences the company's performance. Principal-agent theory, transaction theory and stweader theory are used as theories for improving a company's performance. The strategic management theory and its compatibility with the environment to capital structure and a company's performance are elaborated.Thirdly, this thesis discusses, from a corporate governance perspective, the company performance problem of listed electricity industry. It analyzes the empirical results by using principal-agent theory, transaction theory and strategic management theory and puts forward some strategic reflections.Lastly, based on theoretical and empirical analysis arid in combination of the reform of our electricity industry, relevant suggestions from the macro level, i.e. the government policy and the micro level, i.e. the electricity companies' strategies are given.