A Study On The Corporate Governance Of The Public Infrastructure Industry Under The Government Regulation

Chinese State-owned enterprises which were based on establishing modern enterprises system are undergoing deeply embedded innovation and have already been put onto the last fortress' which is the natural monopolized network public infrastructure industry. But the questions on how to impulse the development of this industry and what role should the government play during the development have always been the focus and difficulty among the economic and administrative study fields. The related research of home and abroad all started from the angle of government administration, based on the problem of ownership to investigate the governmental methods, effects, influences and changes upon the regulation of the infrastructure industry. However, in real practice, governments of all the countries have experienced or are now experiencing nationalization and private ownership, government supply and public utility run by the local people experienced adjustments time after time, and policy changed, but actually, every country is on different ways and there is no coincident mode. The little experience coming from China shows: the formulation of the public infrastructure policy should be in accordance with its own economic development background economic features in track changing, especially pay attention to the re-organization and knowing of those natural monopolized enterprises to explore its own developing mode combined with the experience of state-owned enterprises innovation.Considering the knowledge above, a new research dimension has been chosen in this paper to examine the endogenous development and change of public infrastructure under the control of government, that is, to regard the corporate governance structure of specific enterprises of public infrastructure under the control of government as the research object to discuss their status, problems and innovative strategy. One of the basics of the main point in this paper is that: partition of the monopolization business field and that of non- monopolization is the presupposition for introducing competition and high efficiency regulations. Next basic is that: No matter what kind of public infrastructure organizational form it is, based on share structure or ownership, government regulation is still in the elementary phase, and urgently needs constitution re-amelioration and re-adjustments. The third basic is that: The train of thought of developmentbased on the property right reform and opening the market should be insisted and be applied in corresponding corporate governance structure. Thereby, multiple explanation tools have been used in this paper such as the Incentive Theory, the Principal-agent Theory and the Beyond Property-right Argument to illustrate the essential problem of public infrastructure industry corporate governance structure. Via the proof of the share structure and financing structure of Chinese public utility listed companies, put forward and proved the fact that the close connection of Chinese public infrastructure industry corporate administrative structure change and state-owned enterprises innovation will be in the process of adjustments for a long period. Therefore, there are two contradictory points of view: one emphasizes the dominant place of state-owned enterprises with special legal representative form in Chinese public infrastructure industry development, the other is to speed up the process of overall localized enterprises. In this paper, a compromise route of Pragmatism has been presented based on the reality and it emphasizes the priority of promoting competition and thus to deliver a dynamic overall strategy and suggestion from governmental governance adjustment to corporate governance structure perfection.The detailed chapter arrangements are as follows:The guidance analyses the main purpose and important meaning of this research, generally reviewed the research documents and literatures on regulation theory and corporate governance problems and bring forward the overall train of thought of the research.The first chapter is theoretical...