Study On The Corporate Governance Of Chinese Listed Companies

The corporate governance is one of the balance mechanisms to solve the problemsof the consign and agent relation accompanying the separation of the ownership andcontrol authority of the modern companies. With the fast development of the stockmarket of our country, the listed companies have becoming more and more importantin the national economy. And the quantity is increasing constantly, too. But theeffective corporate governance has not been built with the development of the listedcompany. The phenomena of the listed company such as "First year it is excellent,second it is flat and third is bad" have nearly become regular. Chinese listed companiesare fond of being listed "enclosing the money" and often regard the investment of theshareholder as their own profit. In order to achieve these purposes, they often falsifyaccounts and divert the fund at will or make the investment arbitrarily. Since the listedcompanies in China, the things like "monkey's king", "Zhen baiwen", "share ofLantian" and "silver spacious mansion" have emerged in an endless stream. It showsthat there are many problems in Chinese listed companies. Lacking of the effectivecorporate governance must influence the company directly. After the accession to theWTO now, China faces fierce international and domestic competition day by day. Thedevelopment of State-owned enterprise, especially the listed companies not only affectthe success and failure of the economy system reform, but also the economy security inChina. So the research of the subject is very significant not only to the economy reformbut also to the politics. It is also very urgent in time. The corporate governanceinvolves the knowledge about economics, management, law, and so on. But theeconomics theory is the most important. Because the important content of thestate-owned enterprise reform is to set up modern enterprise system and the corporategovernance is the important content of the modern enterprise system to a great extent.So I choose it as my master's thesis. It is also accord with the characteristics of thepolitical economics. During the course of writing, this thesis employs Marxist materialist dialects,namely, uses scientific abstract ways and adheres to the unity of logical ways andhistoric ways. Besides, this thesis applies systematic method, comparative method andquantitative analysis, tries to build a theory frame researching corporate governanceand form the corporate governance system of Chinese listed company, suitable forChinese situation on the basis of previous theoretical fruits and practical experience. In addition to abstract, foreword, conclusion and acknowledgement, this paper iscomposed of four parts: Part I: The theory. This part consists of five sections. The first section has mainlyintroduced the research to the defines of the corporate governance of domestic andinternational theory, and then propose my own conclusion; The second section hasmainly introduced the theory on the problems of the corporate governance; The thirdsection has pointed out that the corporate governance is affected by economy, society,culture, law and so on according to the analysis of the trend that adopt the comparisonof the comparison of the corporate governance mode typical to foreign countries. Sothere is no single good corporate governance mode, we should think about which tochoose. Part II: The analysis of the corporate governance of Chinese state-ownedenterprise. This part consists of two sections. The first section has mainly analyzed theparticularity of the corporate governance of Chinese state-owned enterprise. Justbecause Chinese state-owned enterprise and its environment are different from others,the governance nature is different and has its own particularity. Administrativeparticularity is the most centralized behavior. The second section has pointed out thatthe important meaning of studying the corporate governance of Chinese listedcompany. Especially after China joins WTO, the listed company as the representativeof Chinese enterprises can not compete with others if...