Research On The Performance Of Corporation Governance Of Listed Public Utility Companies

Corporation governance has a great impact on the running performance of the company, therefore, constructing a perfect governance structure is the basis of improving running performance. Corporation governance possesses wide range of content and rich meaning of involvement, and relatively speaking, the governance structure of listed companies has a certain criterion when compared with other companies. Comparing with companies of other parts of the domestic economy, the public utilities ones have a lot of characteristic and features. Generally, their ownership structures are more centralized and their state-owned shares cover a larger portion, while they are often featured with large-scale investment, stabilized investment-return, remarkable scale-effect and increasing economic benefit. Apart from all these mentioned above, their external manger market is not so active. Hence, it's necessary to evaluate and discuss on the corporation governance of public utilities listed companies. Nevertheless, there're limited researches on this field inside and outside the country, and this is the meaning of this subject.Mainly from the angle of principal-agent relationship and associated with their own characteristic of the public utilities companies, this subject analyses the ownership structure, financial strategy, debt structure, board of trustees of the listed companies of public utilities, and constructs the model of the influencing factors of the company performance. Through empirical research, this thesis finds that except state-owned shares, the relativity of the company performance with corporation governance is not so obvious, which strongly demonstrates the particularity of the public utilities companies with other ones. With serious analysis, the thesis finds that monopoly and the support of government are the basic reasons for this phenomenon mentioned above, and advances that companies of public utilities should overcome the dependency of government and should not decrease the proportion of the stated-owned shares blindly.