Diversification Of China's Corporate Governance Structure Mode

The corporation governance structure mainly refers to a series of contract relating to stakeholders and the system arrangement that the contract depends on. The purpose of the system arrangement is to make responsibility, right, interest of the stakeholders deploy reasonably and restrict each other, in order to realize company's anticipated goal.Our country begins to research the structure of corporation governance just in the 1990s. Though it has made many achievements and summarized some experience, but exposed a lot of question too. Especially the listed company as advanced representative of modern enterprise in our country, the exposed question is more outstanding. And whether the structure of corporation governance of the listed company is perfected or not, it is one of the key factors that our country could keep the economy sustainable development and the market of finance and security could success in the future. Under this background, the research on how to set up a corporation governance structure that is suitable to China has become essential.At present, there are mainly two major type of the corporation governance structure that the listed company in our country worth referring to all over the world, one is the corporation governance structure of the Great Britain and America, another is the structure of corporation governance of Germany and Japan. The characteristics of two kind of modes are different to some extent: The main characteristic of the structure of corporation governance of Great Britain and America is that the asset-liability ratio is low, and stock right is highly scattered, and realize managing indirectly through the function of the security market mainly. However the main characteristic of the structure of corporation governance is that the asset-liability ratio is high o, the stock right is highly centralized, and realize managing directly through big shareholder, big creditor entering the enterprise. By the comparison of analysis two type of mode, and draw the following enlightenment of the corporation governance structure reform of listed company in our country: First, the financing structure is the foundation of the structure of corporation governance, and different financing structure causes different mode of structure of corporation governance; Second, different economic system is the foundation of the characteristic of the financing structure in various countries. So while constructing the corporation governance mode of the listed company in our country, weshould consider adopting to the characteristic our country's economic system.Compared with the above-mentioned two type of the structure of corporation governance, the listed company in our country has a peculiar problem under a transitional economic system: The asset-liability ratio differs greatly, the diversification appears in the financing structure; The stock right is highly centralized, State-owned stock is "only one big share"; the problem of Insider controlling is serious. To the current situation of corporation governance structure of listed company in our country, the reason of these questions is mainly as follows: The government is in intervention to enterprises too much to make the legal person's property right confused; manager can not be supervised effectively due to owner's omission; bank lose function of supervise efficiency of the corporation governance structure in outside due to the incomplete Reform in banking system.The situation of listed company of our country is so complicated that one kind of corporation governance structure mode can't be suitable to all listed companies, so it is an inevitable choice to adopt the method of governance classifications according to the asset-liability ratio type of the corporation. Only in this way can the corporation governance structure of listed company of our country be improved and the business performance of the company be enhanced.