Ownership Structure And Corporate Governance Of Listed Companies

The corporation governance has become the focus issue in the whole world . The view that share structure is the foundation of the corporate governance has been accepted abroad .Under the guidance of dialectical materialism and historical materialism,the author utilizes comparison-analyzing,literature-analyzing,data-conclude-analyzing and other analytical ways to research into corporation governanceThe characteristic of the share of China's listed companies can be summed that the share structure is highly concentrated by state-owned shares and which can not be circulated .These have adverse effect on the corporate governance of the listed companies. So it is very important to optimize the share structure and then perfect the corporation governance of listed companies.The main structure and content of this thesis are as follows:In chapter one, the author makes a general research of the relationship between the share structure and the corporate governance, we can draw a general conclusion from this chapter that the share structure have a trend of dispersion on the whole but has different characteristic in each country ,which makes a different influence on the corporate governance.In chapter two ,the author presents two pattern of share structure andcorporate governance in the world which are Great Britain & America type and Japan & Germany type .The share structure of Great Britain & American have a characteristic of the scattered shares and no controlling shareholders exist. The characteristic of Japan & Germany type is that the shares are highly concentrated in the hands of the legal entities and organization investors .Thus the incident of abusing the rights of shareholders is easier to take place than abusing the power of management , and the external corporation governance is difficult to work. So it relies on the internal corporation governance mainly .These pattern have advantages and disadvantages and the difference among them is disappearing gradually.In chapter three,the author describes the current situation of share structure in China and how it affects the corporation governance of listed companies .The essential features of share structure include that the share structure is highly centralized,the proportion of the uncirculative shares is too high .All these have produced the serious adverse sequent to the corporation governance.In chapter four ,the author gives out some suggestions on how to optimize the share structure so as to improve the corporation governance. The state-owned shares reducing plan is the main measure of optimizing the share structure . At the same time , other measures should be taken to improve the corporate governance ,which include improvingthe incentive mechanism of listed companies , enlarging the structure of board of directors, enforcing the protection on small shareholders, strengthening the information disclosing system and strengthening the supervision and regulation.The innovations of this thesis are as follows:1. The author presents that share structure has direct effect on corporate governance and whether share structure is rational or not is directly related to whether effective corporate governance can be formed or not .we should optimize the share structure first of all in order to build up the effective governance of Chinese listed corporations2.The author proposes the measures to adjust the share structure with the view of setting up the effective governance of Chinese listed corporations.