The Administration Of The Listed Company

This dissertation is named as "The administration of the listed company-To build the system allowing the Small-Middle shareholders (SMS) to participate in the administration effectively". With the focus of Company Administration (CA) research, the article started from the theory analysis from the Systematic Economy aspect, which divided into "Enterprise Theory" and "Company Administration Theory". In the "Enterprise Theory", by reviewing the process from classical manufactory theory to the modern enterprise theory, the article addressed the theories as Contract, Consignment & Agent, and Property, since these theories have close reasoning with the theory addressed later: the SMS' interest are tampered by the big ones. In the Contract Theory, base on the traditional consigned and agent relations which are between shareholders and management, this article views the consignor as the SMS whose benefit is not ensured, and the agent is the Big Shareholder (BS) and their management. In the "Company Administration Theory" , the dissertation discusses the concept, goal, criteria as well as the initiator and object of CA.As the focus of the article is to build up a CA system by which the SMS could participate effectively, the status of the SMS and their relation with the BS needed to be addressed firstly. That's why the definition of SMS & BS, status, their rights & Duties, are addressed in the following, and the hurt of BS to the SMS are emphasized to support the reasons to build up the CA systems allowing the SMS to participate. Besides that, the point of view is supported by the relation between theSMS and the development of the security market.After the fact of the SMS' interest being hurt was addressed, the article considered the deep-seated reason lies in the problem of the listed company's CA structure, and its reasons is analyzed. To solve the problems, "Independent Board System" is set, however, it's not satisfied enough. The article analyzes the weakness of the system and discusses the direction to go.Some economies regard the weakness of the current CA structure is mainly because of the only one big share-Nation Share, while the others consider some centralized shares will help to improve the company's performance. This article not considers the "Only Big Share" is the root cause of the weakness.The last part focuses on how to build up the effective CA system to allow the SMS participate. The dissertation tries to analyze from internal structure and external environment to build up the system to protect the interest of the SMS. The shareholders stand for the system and the Shareholders Voting System is innovated from this article.