Study On The Governance Structure Of Chinese Listed Company

It has been just over 20 years since the issue of "theGovernance Structure of Company" caused the worldwideattention and it only has a short history of 7 or 8 years in China.Therefore, the research on this topic has not formed a completesystem theoretically. However, it has a remarkable influence anddevelopment. At present stage, many countries in the worldregard the governance structure of company as a very importantissue, emphasizing its significance in the development ofcompany. Starting from the statement of the relationship between themodern company and its governance structure, as well as thecorrelative theories on the governance structure of company, thisthesis gives a detailed introduction on the differentcomprehensions of the company governance in the theoreticalfields both home and abroad, and then, it induces and sums upthe theoretical foundations of the company governance, i.e.Standard Corporate Theory of New Classical Economic,Housekeeping Theory, Principal-Agent Theory and ExchangeCost Theory. Although the stock market in our country has only a littleover 10 years history, it has been enjoying a very rapiddevelopment in its speed and scale. However, owing to ourpolitical and economic system and the actual state of our nation,there exists a great gap between the governance of ourpublic-listed company and that of the company under the marketeconomy. The governance structure of companies in our countryshows many problems, such as: the state-owned shareholderpredominating the company, irrational shareholding structure, etc.Based on the practical situation in our country, this thesis carriesout a careful study on the major problems existing in ourcompany governance and the possible reasons for them. According to some researches on the company governancein China and the surveys on modes of the company governancein the market economy countries, such as USA and Germany,the thesis tries to bring forth an adaptable mode for the companygovernance in China. Meanwhile, the author proposes somepractical ideas and concepts on how to improve the companygovernance in China, including the following methods: graduallychanging the nature of the dominating shareholder,strengthening the controlling power of the company, improving itsinspiring mechanism, fully practice of functions of the BoardDirectors, emphasizing the roles of the Supervisory Board,raising the ratio for the independent director and so on. At last, this thesis spends a significant part to introduce thepractical achievements of the public-listed company---ShenzhenWanke, in its company governance, hoping to set up a goodexample for other listed companies to learn and follow.Meanwhile, the thesis also forecasts the prospect on theresearch work of the company governance in China.