Structural Reform Of China's State-controlled Listed Companies And Innovative Research

In general, the problem of corporate governance, in both theory and practice, needs further exploration in China. In China's securities market, most listed companies are state holding companies which have been state-owned enterprises before, so for these companies the establishment, standardization and efficient operation of corporate governance are the key and difficult point. In China, due to transition economy, imperfect regulations, poor operation experience and traditional problems, corporate governance can't efficiently work. So study of this problem is of great value in enhancing quality of China's listed companies and dealing with difficulties in reforming state-owned enterprises, and that is the significance of this dissertation. In order to resolve the problem of corporate governance of state holding listed companies, based on the study of the corporate governance models in developed countries, the dissertation proposes methods on the improvement and innovation of corporate governance.This dissertation consists of five parts. First of all, it is the preface about the concept and significance of corporate governance. The first chapter is about the analysis of the origin and theoretic basis of corporate governance through principal and agent system, and the introduction of corporate governance theories. The proposal of corporate governance derives from the formation of the property right of the legal person in modern company, and the system of the property right of the legal person is typically the system of principal and agent about assets right. Because of the separation of right and diversification of principal parts, corporate governance has become very important in modern company. In agent theory, corporate governance is to deal with the agent problem which has resulted from the separation of proprietary and controlling rights. The second chapter focuses on the comparison and analysis of the models, features and institutional backgrounds of foreign corporate governance, in order to describe the features of corporate governance in the future. At present, corporate governance models mainly consist of three types such as America's, Germany's, and Japan's. Due to the difference on political system, law, philosophy, ownership structure, tradition and other conditions, the three models have their own features. For example, America's model mainly depends on the controlling power of outer market, while Germany's and Japan's models chiefly rely on the sanction of the Board of Directors. In this part, there are two principal tasks as follows: one is tomaster the reasonable systems of foreign corporate governance, the other is to correctly understand the development trend of foreign corporate governance in order to reasonably arrange China's corporate governance. The third chapter has an emphasis on the analysis of the problem and cause of corporate governance of state holding listed companies during the reform of modern enterprise system. The fourth chapter proposes the measures on the innovation of corporate governance of state holding listed companies, based on the research in the second and third chapters.Based on research of other people, this dissertation tries to have its own characteristics and innovation as follows: firstly, the dissertation focuses on the analysis of institutional background, equity structure and financial system of America's, Germany's and Japan's corporate governance, and the comment on their own advantages and disadvantages. Secondly, referring to the experience on corporate governance in developed countries, the dissertation proposes methods on the improvement and innovation of corporate governance according to the problem of corporate governance of China's state holding listed companies.