Equity Structure Optimization And The Improvement Of The Governance Of Listed Companies

Corporate governance is not only a legal issue, but also an economic one .The point of departure of this thesis is to choose the essential feature Equity Ownership Structure, from factors that can affect corporate governance, to deliberate its influence and restriction to corporate governance.The pluralization of subjects of a company's share right caused by the highly socialization of capital is the most outstanding characteristic of modern stock company. Different investment subjects, share proportions interest targets and styles of exercising rights are bound to make a company's inner interest balancing system corporate governance distinct form other's, which is the very corporate governance researched by jurists in law. Equity ownership structure is the key factor that has effect on corporate governance, whether it is rational will directly influence the standardization in institution and the effeaciousness in mechanism of corporate governance.In the author's opinion, a company's equity ownership structure should be discussed especially if someone wants to research its legal issues of corporate governance. It is the arrangement of equity ownership structure that makes an effective corporate governance structure becomes essential.The first two parts of this thesis finds that, by analyzing western countries' equity ownership structure and their corporate governance models' evolution, features of equity ownership structure of each country in different periods, which are directly reflected in institutions and principles of corporate governance make corporate governance present a dynamic diversified characteristic on the way of evolution. So, there is only one corporate governance structure which is compatible with factors ofthe days, such as one country's political institution, economic structure and values. And whether equity ownership structure is rational is bound to have a profound effect on institutional regulations and operating mechanisms of corporate governance models.The third part pays attention to reverse influence of lopsided equity ownership structure of listed companies to corporate governance and points out a series of problems that have impacted the efficiency of corporate governance of China's listed companies. The last part mainly discusses how to optimize the equity ownership structure to meet the target of improving corporate governance . It stresses that state-owned share must be cut down to lower the proportion of non-circulating share and to make listed companies vivid, starting with reforming the property system. This thesis expounds the real target, reducing method and interest balancing of state-owned share reducing, especially paying attention to its real target: to make a rational adjustment in the industry distribution of state-owned economic strategy, then to promote the stock market and the whole state-owned economy develop healthily.