The Search For Effective Corporate Governance Structure

The goal of the reform in the state-owned enterprise is to establish some kind of modem enterprise system. To realize this goal ,an effective corporate governance must be set up according to what a standard stock company required.Managers who didn抰 have the ownership of the assets,but had the control right,is the mark of the beginning of the stock company.Since the manager was hired by the stock-holers,the managers should manage the enterprise on the basis of the stock-holders?value-maximum principle. But the real world often goes to the opposite direction,which led people to think the object of the corporate governance from a different way.Stigele and Fridmen once said,擳he nature of the stock company is not the seperation of ownership from control,but the complexe contract between the financial capitalist and the manager intellectual capitalist.Thus,the human capital and its ownership was intraduced into the research of the modem enterprise system. Part one: The definition of the corporate governance and problems exit in it.In this part,the author briefed how the idea of corporate governance being introduced into our country and different definitions about it .Further more,this paper argued that the object of the corporate governance is not to maximize the profit of the stock-holders,to get a clear idea ,we need to analyse the object and the subject of the corporate governance. Part two:An analysis of the subject and the object of the corporate governance.The subject of the corporate governance includes the huamn capitalist and the non-human capitalist.Through the analysis of the formation of the human capital,this paper distinguishded the different human capital in the firm.And we can study the object of the corporate governance from two aspects: residual claimancy and residual rights of control. Part three:Efficiency of the corporate governance.The risk梞aker should also be the risk梩aker,this is what an efficient governance need.After briefing different ideas as who should have the residual rights of control,the paper concluded that the enterprising huamn capitalist will be the real owner of the firm.