Study On Equity Structure And Governance Structure Of The Listed Companies In China

It is an important role of the economic system innovation to establish modern corporation system in our country, because the effective companies governance structure is the core of modern corporation system, and equity structure the foundation of governance structure is the important factor that affected the companies' corporate performance. However, the equity ownership structure of the listed companies in our country is not rational, such as, the complex structure, state-owned share far outweigh other kind of shares in amount, and the high circulating share ratio, all of above go against the formation and efficiency of company governance structure. As the development of economic system innovation and modern corporation system, it is necessary to analyze the equity ownership structure and the governance structure of listed companies in our country. From this point of view, taking the equity ownership structure and governance structure as objects, we investigated the relevant theories, models, current situation, and the solvents of problems existing in our country. Firstly, the relevant theories of the equity ownership structure and the governance structure were analyzed. Meanwhile, the models of the equity structures in England and America were analyzed and compared with that in Germany and Japan. Based on the comparisons, using the practical data of the listed companies in our country, we carried out the statistical analysis, and evaluated the causes and exiting problems of the equity ownership structure and the governance structure. And then we carried out the theoretic study and demonstrative analysis of the equity ownership structure and the governance structure. Based on the systematical study of the equity ownership structure and the governance structure, the method to optimize the equity ownership structure and the governance structure of the listed companies in our country was proposed. We used the method that combined the qualitative analysis with the quantitative analysis, and combined the theory and the practice. Found on analyzing, studying, and evaluating the relevant theories of the equity ownership structure and the governance structure in western countries, it is referential for development in innovation of the equity ownership structure and the governance structure of listed companies in our country to use the reasonable factors of western models. We chose the practical data of the Shanghai and Shenzhen stock markets. After statistical description and demonstrative verification, using method of normative study and demonstrative investigation, we revealed the relationship between the equity ownership structure and the governance structure. Furthermore, focused on the problems existing in the equity ownership structure and the governance structure of the listed companies in our country, we proposed the suggestion and method to resolve these problems. It has practical and instructive function to for the optimization of the equity ownership structure and improvement of the governance structure of listed companies in our country.