Research Of Finance Structure-Driven Path Dependence On Chinese Corporate Governance

Corporate governance differs among the advanced economies of the world. The corporate governance that an economy has at any point in time depends in part on those that it had at earlier times.Two sources of path dependence—ownership structure driven and law rule driven—are identified and analyzed. First, the corporate structures of an economy depend on the structures with which the economy started. Second, corporate rules, which affect ownership structures, will themselves depend on the corporate structures with which the economy started. However, finance structure- driven path dependence is also important. Corporation can chose different financial structure under different financial system. Moreover, different financial structures determine different arrangement of residual claims which lead to different corporate governance. The started financial structure determined the started corporate governance which will influence followed corporate governance.On this paper, author firstly introduce the theory of corporate governance and financial structure , the theory of path dependence and the theory of the path dependence of corporate governance. And author introduce and analyze the reform of financial institution reform of our country , financial structure on every period and the reform of Chinese corporate governance. So the conclusion is "insiders control" driven by soft-restrain financial structure. Finally, author put forward some measures dealing with "insiders control" according to Chinese soft-restrain financial structure.