The Research On The Systems Of Information Disclosure Of Corporate Governance In Annual Reports Between Mainland And Hong Kong

Corporate governance is a system of arrangement, its core function is to ensure that the interest of shareholders is placed on the first priority under the framework of laws and regulations. At present, there is no universal agreement on the definition of corporate governance. But it is generally recognized that the final purpose of corporate governance is to enhance the operating performance of enterprises. Entering into 90'S, overseas researches on corporate governance mainly concentrated on the popularity of institutional investors, social responsibilities of enterprises, corporate governance of multinational enterprises and knowledge economy. Especially in the later period of 90'S, the turbulence of regional capital markets arisen from financial crisis in Asia, impelled the researches on corporate governance more thoroughly. In respect of state-owned enterprises' revolution and development in transformation of economy, it is vital significance to research the systems of corporate governance of listed companies between Mainland and Hong Kong. Mainland has already joined WTO, on the one hand a perfect and regulated market-oriented economic system must be established, on the other hand, the state-owned enterprises' competitive strengths must also be positively cultivated. The state-owned enterprises must be same as other types of enterprises to comply with internationally adopted market standards, to survive and develop among the market competition. There is need to strengthen researches on the system of corporate governance to direct the state-owned enterprises' revolution and development in transformation of economy. Under the different historical period and economic environment, the main content of corporate governance is also different. The current researches on corporate governance of stated-owned enterprises emphasize on accelerated participation in international market and market competition of state-owned enterprises as well. This paper commenced from comparison of annual reports of listed companies between Mainland and Hong Kong, based on the comparison to research and recommend the strategies of improvement of the information disclosure of corporate governance in listed companies. The recommendations are included reinforcement of system of corporate governance and improvement of the quality of information disclosure as well as increase of the content of information disclosure of listed companies, etc.