A Research On Corporate Governance Of Securities Companies From The Capital Structure Angle

Researching and improving the corporate government of Chinese securities companies, from the micro angle, would affect directly the authorities, obligations and responsibilities of every interest-related party such as shareholders, directors, managers, creditors and so on, and affect the decision mechanism and the management efficiency of securities company. From the macro angle, it would affect the quality and efficiency of the financial market and the ability of disposing resources reasonably in capital market. Especially in an opened market, whether construct the governance structure of securities company according to the international universal principles or not, would be related to the investors' confidence in our capital market. So, researching how to improve the corporate governance of our securities companies' have great importance to the development of national economy.Chinese securities companies developed late but fast, and they were in a transition situation right now. In addition to the researching content in common sense, the corporate governance of the securities company must be suitable to its characteristics such as service trade, heated competition and high risk etc. As a result, there would be some specific characteristics in the corporate governance of the securities company, including the governance authorities, structure of the creditors, knowledge concentrated trade and the principal part in the capital market. All of these would affect the corporate governance of the securities company greatly. In the practice of the corporate governance of Chinese securities company, there are many great defects exist in the company owners, the board of directors, the management and so on.In the corporate governance models of foreign securities companies, there were two types of corporate governances, one was the American & Britain model which intensified outside market control and shareholder's rights and the other one was the Japan & German model which intensified internal control and the shareholders creditors' governance together. Through compare with the corporate governance models of foreign securities companies, we should absorb and learn their experiences and regulations such as intensifying creditors' governance, independent director regulation and formulating the detailed rules of corporate governance. In the analysis of example of case, we want to find some problems in corporate governance in common sense.Synthesize the defects that existed in Chinese securities companies, we should...