Research On Ownership Structure Of Chinese Listed Companies On The Impact Of Corporate Governance

The meaning of corporate governance is extensive.Many scholars home and abroad expound corporate governance from its conerete 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 contraet 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 strueture 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 factual condition and set up its corresponding mode of corporate governance. Shara 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 eoncentration, and the percentage of shares that connot 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 represent atives 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 them aximization of interests of the persons related with the interests of the company. Considering the conerete 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 them aximized interests of shareholders.The neeessary way to improve corporate governance of the listed companies is to optimize share ownership structure and its conerete measures ineludes: reconstruct qualified subjects of state-owned shares, implement the reduetions of state-owned shares,set up balanced mechanism of shares owned by pluralistic investors, and construct moderately centralized share ownership structure.