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Study Of The Governance Structure And Ownership Structure Of Listed Companies In China

Posted on:2006-03-09Degree:MasterType:Thesis
Country:ChinaCandidate:L ZhouFull Text:PDF
GTID:2206360155465134Subject:Business management
Abstract/Summary:PDF Full Text Request
At present, no matter in the western developed country, or the country being the period of transition economy, corporate governance has received the extensive attention . It is connected with various factor such as politics, economy and culture . Most of our listed companies were transformed from the state-owned enterprises, and they are still influenced by the old managerial system. So Chinese listed companies also displayed the phenomenon that the failure of the corporate governance, problems of internal control and lack of property right. Thoroughly, they are owing to the irrational shareholding structure.The modern enterprise institution is based on the clearly relation between the ownership and control power. Aiming at the existence of such of problems, the dissertation offers a systematical study upon corporate governance issues regarding shareholding structure as its start point. According to the theory of the modern enterprise, the arrangement of the shareholding structure is the property right base of the corporate governance structure. It is the most important factor of determining the validity that the corporate governance mechanism. The dissertation analyses the effects that shareholding structure has on corporate governance structure and behavior from the angle of basic formation of shareholding structure i. e. shareholding concentration and stockholders' identity. And found that the optimal ownership structure is the coexistence of relative concentration of ownership and the existence of some large shareholders in a firm, different stockholders' identity have the different behavior on the corporate governance. The legal person owned shares have the ability and motivity to regulate the managers or participate in the management directly. Above the theoretical analyzing , and integrating the actuality of our corporate governance and shareholding structure, explores that important effect of the shareholding structure on the corporate governance. In China, most of the listed companies have the problems that the portion of the state-owned stock is too huge, but the tradable stock is excessively small.Aiming at the configuration and satisfaction of the corporate governance, the rational shareholding structure is the most important target. To change the shareholding structure, it is the valid approach that reducing the portion of state-owned stock, at the same time to introduce the institution investors as shareholder and the operators as shareholders.The dissertation makes detailed studies on the related theories and the positive analysis about the above problems, and attempts to explore and investigate profoundly. Hopefully it can shed light on arranging rational shareholding structure and improving the corporate governance structure of Chinese listed companies.
Keywords/Search Tags:corporate governance, shareholding structure, state-owned stock holding reducing, institutional investor, employee stock ownership
PDF Full Text Request
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