Reform Of Share Structure Division And Corporate Governance Optimize

China's securities market has been developed for sixteen years, and gained hugeachievement, but it still has some system defections. Due to the special history reason,it forms two different kinds of shares, which are non-Negotiation shares andNegotiation shares, and it causes the two kinds of shares "same shares different pricesand different rights", this phenomena goes by the name of "Non-Tradable Shares".That the Reform of Share Structure Division is actually the processing of benefitre-distribution between non-Negotiation shares and Negotiation shares. Non-TradableShares is one of the ultimate problems which restrict China's securities market todevelop healthily. According to the common principle in Institutional Economics,Non-Tradable Shares will lead to increase the exchange fare and the society cost, anddecrease the efficiency of the resource configuration, also brought some impact tocorporation governance。On April 19, 2005, China Securities Regulatory Commissionreleased《Circular on Issues relating to the Pilot Reform of Listed Companies SplitShare Structure》, and the reform of non-tradable shares was formally initiated, thisthesis is fight on this history background, discusses the theories and patterns ofworld's advanced corporate governance, and the evolution and vicissitude of whichunder the new condition. Brings forward instances about how to improve andinnovate corporate governance of listed company after the Reform of Split ShareStructure.Chapter one is the General Introduction, introducing the main purpose andsignificance, research situation at home and abroad, as well as research contents andmethod of this thesis. Chapter two discusses about the origin and evolution ofcorporation governance and its connotation, Component system, GovernanceStandards, and etc. It also points out that the evolution of corporation governancemodel is a movement developing and way-dependent process. This can explain thecorporation governance mode difference currently among different regions or nations.Chapter three, through analyzing the advantages disadvantages and the applicability of three world typical corporation governance mode in the United States-Britain,Germany-Japan, and the East Asian, regards it is not optimum if simply taking somekind of monitor modes as their corporate governance model. Only those corporationgovernance mechanism which synthesizing advantages of the various modes, caneffectively protect shareholders' rights, and realize the maximization of companyvalue. Chapter four, by analyzing the relevant data of public company's governancestatus in recent years, discusses about the various limitation existing in ourcorporation governance which were resulted in by the poor inherent of ShareStructure Division before its reform. Chapter five mainly introduces the greatsignificance and profound influence of corporation governance the Reform of ShareStructure Division will brings. Chapter six discusses the key constructing points incorporation management system after Reform of Share Structure Division. And it alsotakes China Double Ltd. as an example to show its several distinct improvements incorporation governance after the Reform of Split Share Structure, which makes afurther explanation of the necessity and significance of this system.