Ownership Structure And Corporate Governance Of Listed Companies In China To Study

The corporate governance has become a research focus in theworld since 1980's. The view that share structure is thefoundation of the corporate governance has been accepted abroad.So called "share structure", i.e. the structure of companyshareholders, including the type of shareholder, thepercentage of share volume which they are holding, the centraland disseminate of stock equity, the stability of shareholders,the holding volume of the top governors etc. will decide thestructure of shareholder, the degree of stock equity centralgovernance and the identification of the main shareholder, andleads to the gap between the way and affection to shareholders'conducting power, and then, more influence on the formation,performance and achievement of the corporate governance.Therefore, it is necessarily considered into the sharestructure while discussing the corporate governance andrelated.Recent years, there has been a lot of problems in listedcompany when they experience quick development, such as, thesevere phenomenon of "interior control", the national shareabsolutely occupying the percentage of company shares whichruin the other shareholders' interests etc. It gives negativeresults on the effective performance given by corporation lawand company regulations, as well as, the security marketglooming and stability, depress onto the investors' passion.All of that are accused into the unreasonable share structurein Chinese major listed companies, which has mainly shown suchcharacters as " stock equity highly central", the nationalshare occupying the most percentage but being unable tocirculate, which is just root of Chinese listed corporategoverning flaws and our researching core problems in the courseof optimize share structure to perfect corporate governing inChinese companies.This dissertation will be started with the definition ofstock equity, which is followed by the analysis on listedcompany share structure, clarifying the logic relationshipbetween stock equity and corporate governing, bring out theopinion about correspondingly building up the balancing modeof central stock equity and some suggestions, including,"decrease the national share percentage", "culturing theinstitute investors" , which hopefully give more practicalreference to optimize Chinese stock equities.The main structure and content of this thesis are asfollows:Chapter I is generally about theoretic introduction ofshare structure and corporate governance. After definitionand distinguishing the meaning of share ownership,proprietorship, and corporation perpetuity, it is emphasizedthat the discussion of substance and gerneral relationship inshare structure and corporate governance, and it is supposedthat, on some degree, share structure decides and closelyrelates to the corporate governance.In chapter II, the author makes a general analysis of theshare structure of China's listing companies, and illustratedcharacteristics of China's listing companies'sharestructure, including the co-existence of circulation /nocirculating stocks, non-circulating stocks leading main status,government is the biggest shareholder;the absolutecontrolling leadership exits in most listed companies etc. Asthe foundation of corporate governance, the situation of sharestructure in China's listed company also affect and limittheir corporate governance structure and achievement. Thus,the writer would like to pay more attention to discussing howto assort adverse influence to corporate governance fromChina's current listed companies' share structure.In chapter III, writer at fist analyzes data and tables ofthe share structure of joint-stock company in main differentcountries, points out the share structure and three typicalcharacteristics of British/America, Japan/Germany andSoutheast Asian corporate governance, and illustrates theirseparately differences and develop trend.In chapter IV, it is going to give some suggestions thatthe method of enhancing share structure regarded to theregulation problem of Chinese listed company. Firstly, it isabout the path analysis for improving share structure of listedcompanies, advises it reactive and feasible that lowing thepercentage of state-owned share and developing relativelyconcentrated equity mode. The phenomenon of "interiorcontrolling" and "shareholders who hold more share harm thebenefits of shareholder who hold less share" will be changedthrough decreasing the percentage of state-owned share,turning the function of sate-owned joint-stock company,introducing institute investors and adopting reform ofnon-circulating shares and so on. The max utilization ofdealing with company will be commenced which will be result inthe realization of shareholder respectation finally.