Research Into The Theory Of Corporate Governance In The Security Market

The stock market can not develop in isolation from the mature growth of listed companies and improvement of an effective mechanism for corporate governance of listed companies is to support growth and an important guarantee for a sound. Securities market continues to grow in our country today, a growing number of investors in a company to measure the adequacy of investment potential, a good governance structure is often as critical of their choice. Stock market listed companies on the impact of governance mechanisms are often reflected in some aspects: first, the securities market, "a mandatory and transparent mechanism" to require the listed companies to disclose as much as possible information should be disclosed so that investors at the pre-investment, investment time and investment can be sustained after the listed company's financial position. Second, listed companies "listed price mechanism" to investors to understand the situation of corporate governance, for unsatisfactory performance of the company, can play a "vote with their feet" effect, so that the managers can not afford to replace. Third, the stock market's own internal operating mechanism so that the company can make a significant contribution to performance management to be pay on the return, which will provide a good incentive to make it through the proper access to a considerable degree of market acceptance of return, and to avoid possible "conflict of interest" of the defects. Fourth, the stock market a good mechanism for external oversight of listed companies to "self" and the securities market, "he rules" combined to make a listed company can not play a good "self-regulation" by the case of a securities market series of regulatory system to meet the requirements of investors.China's securities market from the point of view of the status quo, on the one hand, the development of China's securities market has entered a peak period, the entire operation of the securities market matures, the market value of the stock market continue to increase in the stock market in the intrinsic mechanism of spontaneous adoption of a gradual and policy to play a collection of control mechanisms; but on the other hand, China's securities market system immature "innovation" in the securities markets affect the progress. As the stock market of the imports in the operation of our country, the vast majority of innovation in our country are "feeling our way across the river" by exploring. In the "innovation" process, all short-term program of immature development of China's stock market lost a lot of catch up with Western countries opportunities for economic development, deficiencies in the system virtually as well as hindering the economic development of the securities market. Dialectical point of view, China's securities market is maturing, and constantly under development, in such a constant lack of practical experience in the market, good corporate governance has become the stock market and capital allocation is the key to effective.In order to China's securities market to improve the good, we need from a legal perspective to analyze the development of the securities market plays a key role in the governance structure of listed companies. At the same time in the analysis, the need for finance, economics perspective to the analysis of the jurisprudence set the stage. On the efficient market theory, financial system, market control, the monitoring mechanism as well as the equity incentive for the author of "Securities Law", the "Company Law" as well as related financial services, banking supervision law analysis has laid a good foundation.Analysis of this paper is divided into four sections. The first chapter focuses on the securities market and corporate governance of market mechanisms The second chapter focused on the securities market regulation and corporate governance mechanism, the third chapter on the stock market on China's role in corporate governance, the fourth chapter focuses on China's securities market and corporate governance changes. In the closing article analyzes the effect of the recent reform of the securities market and evaluation of the content of the relevant policy recommendations.