A Contrastive Study Between State-Owned Listed Companies And Private Listed Companies About Corporate Governance And Financial Distress In China

In the condition of dog-eat-dog marketing economy, the inside and outside resource which corporations depend on all ceaselessly changed, and what's more, corporations themselves inescapability have this and that problem. So, financial distress has become an important issue in the economic field. The former research has made it is clear that corporate governance is a deep reason to bring financial distress, corporate governance and financial distress have obvious relationship.As different property right structure and running mechanism, the two main organizational forms and important composition parts of national economy: State-owned enterprises and private enterprises, have biggish difference in corporate governance. So, what difference between State-owned listed companies and private listed companies in corporate governance? If corporate governances have an accordant influence to State-owned listed companies and private listed companies. They are very important issues to our listed companies which have different property right. Based on above consideration, the thesis use Binary Logistic Regression to analyzes the relationship of corporate governance and financial distress in State-owned listed companies and private listed companies. There are six chapters in the thesis. The main contents and structure are described as follow:In Chapter 1, we introduce the background of this research, previous researching results and the main contents, structure, innovation concerned of the thesis.In Chapter 2, we put forward the academic foundation of corporate governance, including theory of property right, theory of "rational man" hypothesis, and the main five academic gist of corporate governance.In Chapter 3, on the foundation of property right character of State-owned listed companies, we analyze the character of corporate governance in State-owned listed companies and the influence of this governance to financial distress.In Chapter 4, we introduce the property right character and the character of corporate governance in private listed companies. Then, we analyze the influence of private listed companies governance to financial distress.In Chapter 5, we use Binary Logistic Regression to analyzes the relationship of corporate governance and financial distress in State-owned listed companies and private listed companies. The results show that there are obvious differences between State-owned listed companies and private listed companies in corporate governance, and corporate governance have different influences to financial distress in the two kinds of companies.In Chapter 6, it explains the main conclusions of this research and the research expectation henceforth.