| Normal corporate governance ensures effective operation of morden corpora- tions. However, there are many problems in corporate governance in thc process of the reform of state owned enterprises in China, such as absence of owner and weakness of supervisied and motivative mechanism. This is the most important obstacle to the reform of state owned enterprises. Comparatively speaking, Western companies have formed a set of fruitful corporate governance in the past several hundred years, which guarantees steady reasonable effective operation of companies. From 1 980s, many scholars in the Western countries have studied theories of corporate governance from all sides. They illustrate the definition, content, origin, purpose and necessity of corporate governance. Through the afore said analysis, this thesis put up the theoretical frame of which the stakeholders relationship and mechanism of checks and bal- ances is the key. Based on the frame, it makes a thorough study of corporate gov- ernance in the Western countries using a comparative method. It sets forth two models of corporate governance because of different ownership structure . mone- tary system and legal regulations in the Western countries. One is external su- pervised corporate governance represented by the U. S. The other is internal supervised corporate governance represented by Japan and Germany. Two models have clear difference in subject of corporate governance, supervisied and motiva- tive mechanism etc. and take on different performance in practice. However, two models tend to similitude today in pace with globalization of product and fi- nancia market. The thesis probes into the model and approach of establishing corporate governance in accordance with Chinese conditions. The conclusion is that a new model has to develop pluralized equity ounership, give full play to in- teral and external supervisied and motivative mechanism and accomplish stake- holdersjoint governance. |
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