Study Of The Efficiency Of The Corporate Governance Structure

Corporate governance structure is a important subject in China's state-owned-enterprises reform.Toughly centered on how to promote the efficiency of cooperation operating and the whole efficiency of the cooperate governance structure, the former is the problem of cooperation governance structure operating, the latter is the problem of cooperation governance model."operation research" can be divided into the operation of the sockholder's meeting, the directors board and the supervisors board. The operation of the stockholders' meeting mainly analyzed the phenomenon and reason of the " becoming hollow " of the shareholders' meeting, and based on the decision institution of voting, the author mainly studied the method of promoting the efficiency of the operation of the shareholders' meeting. About how to improve the voting institution of the stockholders' meeting, our suggestion is to implement the scientific authorizing voting institution, accumulating voting institution and modern communication voting institution; the operation of the board mainly analyzed how to avoid being the "rubber stamp" in the managers and described and analyzed the quality problem of the directs board of Chinese enterprises; and at last, the operation of the supervisors meeting researched and proved that the key point is keeping the independence of the supervision meeting."The mmodels study"described the character and the frame of cooperation governance in England-America countries and Japan-Germany countries separately, after that, compared the two models, and drew a conclusion of three important enlightments to the establishment of cooperation governance in China: (l)the finance structure is the most important and direct base of the cooperation governance, the governance structure comes from the finance structure.(2)different cooperation governance method generated from different finance base, and the governance institution relies on the enforcement of external economic institution base. When Chinese enterprises are constructing their own governance structure method, not only the finance structure base but also whether there is economic institution relative to the chosen method shall be considered. (3)the equilibrium institution shall be considered when any cooperation governance method is being constructing. The equilibrium institution of the cooperation governance mainly includes the supervision institutionand the inspiration and constraint institution.Having analyzed the finance condition and analyzed samples, the enterprises can be divided into low capital dept rate enterprises n medium capital dept rate enterprises and high capital dept rate enterprises, on this base, the contingency governance model, this model includes three parts: the first part is the low capital enterprises shall refer the governance model dominated by the shareholder's right; the high capital debt rate enterprises shall refer the main bank institution of Japan; and at last, enterprises of medium capital debt rate and high stockhold density shall use the correct governance method according to the reality. That means to implement different governance structure arrangement according to different operating conditions, when the enterprise is in good operating condition, it should be controlled by the shareholders; while when the enterprise is in operating crisis, the debtor shall join the governance structure especially when the control of stockholder and debtor is off equilibrium, the workers will surely require to join the governance structure as the relative profit earner.