A Research About Chinese Corporate Governance Evaluation System

Corporate Governance Evaluation and Research index has gone through a corporate governance from the basic theoretical research, corporate governance principles and applied research, Corporate Governance Evaluation and Research on the process of governance index (Smith, 1776).Corporate governance is the core of the modern enterprise system is the establishment of a correct development strategy, enhance their operational efficiency and quality of the basis of decision of the enterprises infrastructure and long-term goals. Corporate Governance Evaluation is a scientific and rational use of Corporate Governance Evaluation indicators to reflect the corporate governance structure and operation of the reasonableness of the situation. Corporate Governance Evaluation System established to guide investors the right investment, and promoting the healthy development of the capital market. Listed companies by Corporate Governance Evaluation comprehensive understanding of their own situation, provide the basis for enterprise reforms. China's transition from a planned economy to a market economy in transition time is short, a modern corporate system in a shorter time. Along with the development of securities markets and listed companies to establish a modern enterprise system is continually deepening, and the building of China's Corporate Governance Evaluation system is the general trend.This study started thinking along the following levels:First, in the account of the Corporate Governance Evaluation on the basis of background, the study discusses China's Corporate Governance Evaluation System practical significance. This study combing the idea for the establishment of China's Corporate Governance Evaluation system to lay a solid theoretical foundation.Secondly, the real standard Corporate Governance Evaluation System is the establishment in 1998 of Standard & Poor's, Standard & Poor's Corporation from the national score and score two aspects of the establishment of the system of corporate governance score. Next Deminor CLSA Asia and parts launched Deminor Corporate Governance Evaluation System and Lyon Corporate Governance Evaluation System. If Corporate Governance Evaluation divorced from the national economic environment independent analysis without considering different countries and different regional economic particularity, it is impossible to accurately determine the corporate governance of the true situation. As a result, copied abroad Corporate Governance Evaluation system to measure a period of economic transformation of China's listed Corporate Governance Evaluation situation is obviously inappropriate. Therefore, the establishment of appropriate governance of listed companies in China by the evaluation system of public concern about academics, to the establishment of the Lee Weianwei such as Nankai governance index rating the most representative. Existing home and abroad through a more complete Corporate Governance Evaluation System study, learn from the success of Corporate Governance Evaluation System, in the analysis of the Chinese economy during the transition period of corporate governance on the basis of the characteristics established in line with China's economic development situation of Corporate Governance Evaluation system that can guarantee its scientific and rationality.Third, China is in a special period of economic transformation, the corporate governance of the country is different from the three important features: (1) of state-owned assets management system is not perfect lead the main state-owned property rights of the uncertainty, resulting in the client does not identified. State-owned assets management system which will not be sound and objective evaluation of company performance, but also on the operational behavior of the operators have no pressure (2) China's corporate governance structure is neither Britain and the United States market-oriented system, or a model of Japan and Germany. Network-oriented system, (3) awareness of weak corporate governance, corporate governance is not just to be aware of the company managers and company owners things, but all the companies stakeholders common interests focus should be especially small and medium shareholders, employees , the community's overall concern.According to a comprehensive, non-overlapping, qualitative and quantitative research method, comparability, maneuverable 5 Corporate Governance Evaluation system of principles, capital structure, shareholders General Assembly and the rights of shareholders, board structure and operational elements will be monitored , the senior management of the incentive and restraint, stakeholders and corporate transparency built seven of China's listed Corporate Governance Evaluation System. And in the next set and the transparency of ownership structure, the degree of concentration of ownership structure, shareholders congress system, the actual operating efficiency shareholders, the rights of shareholders, the Board effectiveness of the board structure, independent directors, boards of supervisors, the independence of the board of supervisors running, senior management of the incentive mechanism, and high-level management personnel and restraining mechanisms, and the transparency of financial information, the disclosure of non-financial information, the protection of workers interests, the interests of the Government and protect the interests of the security situation, a total of 16 corporate governance - evaluation index. In the evaluation of secondary indicators on the basis of the evaluation criteria, the paper also lists the 64 corporate governance rating two indicators under three evaluation index, which together form a corporate governance evaluation index system. Clear the purpose of the evaluation, a corporate governance index, two indicators of the three indicators, evaluation indicators layers of refinement, rational-based. At the same time, the next step for Corporate Governance Evaluation model laid the foundation for the establishment, from the three indicators of corporate governance, to a two indicators indicators, step by step backstepping, and ultimately launch of China's Listed Corporate Governance Evaluation indicators calculation formula.Fourth, the use of Delphi method listed on China's Corporate Governance Evaluation indexes weights were determined using AHP, layers, the final assessment that corporate governance score, the entire Corporate Governance Evaluation system more scientific specialization.Fifth, on the Corporate Governance and Corporate Performance of the study. China's listed companies used a sample of data, calculating its Corporate Governance Evaluation scores, and its related company performance and regression analysis, with the ultimate empirical analysis to the Corporate Governance Evaluation Index System of the effectiveness of the verification.This paper is full of innovative point of China's economic transformation during the special characteristics of the corporate governance of China's corporate governance structure is the special nature of the establishment of China's listed Corporate Governance Evaluation Index System, to make it more workable and more fit study nature, and has a strong practical significance to the development of China's Corporate Governance Evaluation market and increase the business of Corporate Governance Evaluation theoretical guidance and practical guidance role. In this paper, the significance of the Corporate Governance Evaluation of Corporate Governance Evaluation indicators and the establishment of the research has been conducted on the basis of a more deep study, and corporate governance scoring process understanding of the calculation, the real scientific and rational Corporate Governance Evaluation Methods to withstand a market test.