A Study On Chinese Listed Firms' Ownership Structure And Corporate Governance

As an important component of corporate governance, ownership structure has direct effect on the corporate governance efficiency and corporate performance. The ownership structure's characters of high concentration, absence of nation-owned property's owner, and the unique division of share equity, result serious problems in Chinese listed firms' corporate governance. Furthermore, it also limits the capital market to play significant role in perfecting corporate governance and improving corporate performance. So, it's necessary to research on the relationship between ownership structure and corporate governance.This paper follows the clue of interest conflicts among stakeholders. Through the examination of western developed countries' experience in corporate governance and ownership structure, we find there're different interest conflicts under England-American decentralized companies and Japan-German concentrate companies, and this decides the two different economic system countries to choose different mode of corporate governance. But to China, because of special ownership structure, it's possible from the behavior of the different stakeholders to find that there're more complicated interest conflicts among stakeholders, and the conflicts appear out as tough insider control, shareholder violation, and other governance problems. At the same time, there's no appropriate institution to shave off or decrease the conflicts. After the statistical analyzing and empirical study on ownership structure, corporate governance and corporate performance, we identify that it's the fact. Last, the writer believes that the way of solving listed firms' governance problems should be on reform of ownership structure step by step, and with relevant mechanism, lows and rules additionally.