The Study Of The Public Companies' Share Structure And Corporate Governance In Our Country

With the economic development and growth of enterprises' scale, as the most appropriate form, joint-stock company comes forth. Appearance of joint-stock company realizes ownership separate from right of management, and the relationship of the owner and the operator is consigner and deputy. The question of "corporate governance" receives more and more concern. During the economic system reform of our country, the state-owned enterprises have gone through two stages: the separation of the ownership and the right of management, shareholding system transformation. Then though they have set up the inside governance structure finally, made up of shareholders' meeting , board of directors , board of supervisors, there are serious defect and problem in the practice of corporate governance. According to the situations of the countries all over the world, the public companies occupy very important position in the economy of various countries. Public company of our country most be reformed from state-owned enterprise. Because of incomplete reformation, there comes some bad appearance, such as the controlling of inside people, the harm to interests of shareholder, the inefficiency of inside and external supervision mechanism etc. The characteristic of the share structure determines the distribution of company' s control right, the distribution of the right among board of directors , board of supervisors and executives, and then influence the performance of company. According to governance practice of the public company of our country, the arrangement of the share structure lacks efficiency. The chief task is the research of share structure influence mechanism on corporate governance and seeking one reasonable share structure.This text begins by the relationship between share structure and corporate governance, elaborates the influence mechanism of the three characteristic about share structure to corporate governance, and then select more than 100 public companies in machinery, equipment or instrument, do some empirical research of relationship between the share structure and the performance of corporate governance. Drawing some conclusions: ?Efficiency of the national shareholder is low in corporate governance , and its negative effect is obvious. There is relation of negative correlation between the ratio of national shareholding and company's performance; ?There is relation of positive correlation between the ratio of enterprise' s shareholding and ROE of the company, the improvement of its proportion will make company' s achievement better; (3)The interests of the circulating stock shareholder are protectedscarely, there is remarkable relation between the ratio and ROE;? There is a relation of negative correlation between the proportion of the first major stockholder and the performance of company, so does between the performance of company and the ratio about the proportion of the first major stockholder and the proportion of the second major stockholder the relations. Finally aiming at the conclusion of the empirical research, 1 proposed the goal of optimizing the share structure about public companyin our country ----more than one kind of major stockholders keeps inbalance mutually. Because many major stockholders keep in balance mutually, the stockholder's rights structure still is the major stockholder controls from essentially looked, so the major stockholders violate the young shareholder benefit will be inevitable, in order to make up this kind of flaw, thought our country should improve the legal environment diligently which protects to the investor, limits the major stockholder behavior.