Impact Of Shareholder Structure Reform On The Corporate Governance

With the deepening of economic development and improvement of market mechanism, modern governance of listed companies plays an increasingly important role for corporation management and national economy. The advancement of corporate governance has already been concerned by various aspects. Shareholder structure is a special product in economical switch time. Although solved the urgent matter of capital market's establishment, it seriously hindered the modernization process of corporate governance. Shareholder structure reform is a complex system reform, just for resolving conductivity difference and optimizing governance pattern. This article reviews and summarizes the domestic and foreign related literature, also analyzes the impact of reform on corporate governance. Firstly, it shows many disadvantages of corporate governance under stockholder structure, and then it analyzes the changes in listed companies around the reform. Ownership structure is dispersed and optimized, incentive mechanism is more scientifically, supervision mechanism is gradually effective, and exterior market is accelerated developing. For the participants of corporate governance, controlling shareholders begin to pay attention to company performance, institutional investors begin to participate in positively, minority shareholders begin to transform investment idea, and government function begin to reform. By pointing out the positive influence of reform on interior governance structure and exterior governance environment, it emphasizes the necessity and importance of reform. Simultaneously, there are still some questions of corporate governance which haven't obtained effective addressing, and also some new questions wait for processing. The article gives the corresponding suggestions for these questions, and provides the reference for following effect of reform and the further development of corporate governance.