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On The Relation Between Share Ownership Structure Of The Listed Companies Of Our Country And Corporate Governance

Posted on:2006-10-08Degree:MasterType:Thesis
Country:ChinaCandidate:C H LongFull Text:PDF
GTID:2179360155475182Subject:Political economy
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The meaning of corporate governance is extensive. Many scholars home and abroad expound corporate governance from its concrete form, theoretical foundation, system function, and potential conflict respectively. Scholars also introduce many kinds of theories to establish its theoretical foundation. Among them, there are two most important theories, namely principal-agent theory and incomplete contract theory. There exists close relation between share ownership structure and corporate governance, share ownership structure determines the validity of corporate governance to a great extent by influencing internal and external mechanism of corporate governance. Because of different laws and systems, developing level of economy and capital market, political culture and historical background in different countries, it has formed three kinds of typical share ownership structure and their corresponding modes of corporate governance, namely American and British mode, Germany and Japanese mode, and the mode controlled and supervised by one family. Three kinds of modes absorb advantages each other and has an inclination of convergence. While learning and drawing lessons from other countries, we should follow our country's factual condition and set up its corresponding mode of corporate governance. Share ownership structure of the listed companies in our country mainly has the following problems: the state-owned shares have an overtly high percentage, shares have a characteristic of high concentration, and the percentage of shares that cannot circulate in the market is too high. The irrational share ownership structure has caused a series of problems: serious controlling problem of insiders, "absence"of representatives of the state-owned shares, big shareholders plundering and infringing the interests of small and medium shareholders, etc. At present, the goal orientation for improving corporate governance of the listed companies is as follows: the maximization of shareholder's interests and the maximization of interests of the persons related with the interests of the company. Considering the concrete problems of corporate governance of the listed companies in our country, the goal orientation for improving corporate governance of the listed companies in our country is to realize the maximized interests of shareholders. The necessary way to improve corporate governance of the listed companies is to optimize share ownership structure, and its concrete measures includes: reconstruct qualified subjects of state-owned shares, implement the reductions of state-owned shares, set up balanced mechanism of shares owned by pluralistic investors, and construct moderately centralized share ownership structure.
Keywords/Search Tags:listed company, share ownership structure, corporate governance
PDF Full Text Request
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