An Influence Study On The Governance Of Corporate That Transfers Its State-run Stock Right

After going through the reform for many years, our country has made the enormous achievement in reform of the state-owned enterprise. But at present, it becomes the focus that everybody pays close attention to again that the corporate governance efficiency of the state-run enterprise is low. Making a general survey of the capital market of our country, the stock right structure of listed company of our country demonstrates the obvious characteristic of " one share big alone ", that is, a lot of state-owned enterprises are reorganized to be listed but its stock right is highly centralized. And country's and state-run corporate's share not merely occupy absolute proportion in all shareholding equity of listed company, and can't circulate on the market. The special stock right structure has caused a lot of questions in such aspects as administration structure of listed company of our country. So, the country carries on the reforms in state-run stock right transfer in order to improve the governance of listed company. Through empirical analysis, this paper studies alteration of corporate governance of listed companies whose state controlling stockholders have been changed, and examines the realization degree of the policy goal about the corporate governance in state-run stock right transfer. Combing the empirical study and the standardization analysis, the paper studies the comprehensive state of corporate governance before and after alteration of the controlling stockholder of china-listed companies happened in 2002. And the time choosed to study is from 2001 to 2002. The comprehensive appraisal to the corporate governance Involves the stock right structure, the directorate and its administration efficiency, scale of board of supervisors, the top management team's incentive mechanism and the transparency of disclosure of information. Through analyzing, our study leads to the following results: First, the state-run stock right transfer and corporate governance are in close relations. On one hand, transferring the state-owned stock and reducing the proper shareholding ratio of the state-owned stock can offer the favorable condition for improving the administration structure of listed company. On the other hand, the improvement of corporate governance can promote the improvement of the quality of listed company, which is favorable to the harmony of the reform of the state-owned stock. Second, the transferred proportion of the state-owned stock influences the improvement of the corporate governance. If the transferred proportion is too small, the Right of control of State-owned stock did not change substantively, which will lead to be not obvious to improving corporate governance. Third, after transferring the stock right, the new stock right nature of holding shareholder will produce certain positive impact on the corporate governance. Through the research, this paper can produce evidence for standardization study of state-run stock right transfer in future and can offer suggestions to the policy maker of the reform of the state-owned stock too.