Study On Corporate Governance Of State-owned Listed Enterprises

The establishment of modern enterprise system is the direction and the goal of reform of state-owned enterprises, and the key of establishing this system lies on improving corporate governance mechanism. Improving the corporate governance mechanism of state-owned enterprises is of great theoretical and practical significance to strengthen the sustainable development abilities of state-owned enterprises, enhance their marketplace competitiveness and realize the overall regeneration of such enterprises.In recent years, with the rapid development of economic globalization and the further deepening of reform of state-owned enterprises, the reform for the establishment of modern corporate system has made some positive results, and the structure of corporate governance has been changed. However, some deep-rooted problems concerning corporate governance gradually emerges and impedes the development of our economy during the transition from the traditional governance structure of state-owned enterprises to the governance structure of listed companies. Fujian MingDong Electric Power CO.,LTD. is a state-owned stock enterprise transiting from a traditional state-owned enterprise to a modern joint-stock enterprise. The company, which was listed in 2000, became a ST company in 2004, and the causes for which are many-sided, but the principle reason is the imperfect of its corporate governance mechanism. The problems it concerned are quite comprehensive and almost cover all contents of corporate governance. Meanwhile, it has deep-rooted defects of state-owned enterprises, which have certain representativeness in the analysis of corporate governance.Based on case study, standard theoretical analysis and comprehensive application of related theories on corporate governance, this paper empirically analyses the corporate governance mechanism of Fujian MingDong Electric Power CO.,LTD., points out some problems in different links of its internal and external governance, and brings up some suggestions concerning the improvement of corporate governance. This article mainly comprises five parts:The first part Introduces the study background of this paper as well as its study method and train of thought.The second part sets forth the basic theories of corporate governance. Firstly, it introduces the controversy over the connotation of corporate governance and defines such connotation; secondly, it introduces three main models of corporate governance adopted by mature market economy countries all around the world; finally, it puts forward the main form of corporate governance.The third part analyzes the present situation and problems on corporate governance of Fujian MingDong Electric Power CO.,LTD..The fourth part sets forth the measures and suggestion for improving the corporate governance of Fujian MingDong Electric Power CO.,LTD. in view of its existing problems. The fifth part summarizes the main viewpoints of this paper.