Research On The Corporate Governance Structure Of State Holding Listed Companies Analysis Based On The Case Of Northeast Expressway Company Limited

Since the reform of state-owned enterprises, China’s economy has achieved rapid development. But in recent years, under the adverse impact of the financial crisis and the European debt crisis, China’s state-owned enterprises continue to display a fragile condition and expose a lot of problems and defects. The main reason is that there are some unresolved drawbacks existing in the structure of state-owned enterprises in China. Therefore, based on this perspective and combined with the current international context, the dissertation does the research on the corporate governance structure of state-holding listed companies. In research method, we use the method of case study and normative theory, of which the most important is case study. In the process of writing, the paper focus on the innovation from the research objects and contents. It selects the governance structure of the Northeast Expressway Company Limited as the study object, by analyzing the financial statistics and ownership structure of the Northeast Expressway Company Limited, then analyze the defects of its governance structure and the causes why it leads defects, at last comes to the conclusion how to improve the governance of China’s state-owned holding listed companies’structural defects. All of which can offer us some significant guidance in practice.This dissertation analyzed the governance structure defects of state-owned holding listed company from the perspectives of the state-owned property rights, political factors, institutional and cultural factors. Some conclusions and inspiration are made from it. This study showed that:(1) In state-owned listed companies which under a number of government control, local governments may plunder the listed companies in order to achieve their own political purposes, instead of giving support, they exploit their rights. So they lost their effects just like the other state-owned enterprises.(2) State holding listed companies are absent of owners which are caused by the lower supervision of the enthusiasm of the largest shareholder, thus creating "internal control" issues, the imperfection of internal control system.(3) China’s traditional Confucian culture and the concept of "harmony" causes one of the reasons why China’s state-owned listed company "witch hunt", the organizational structure of the Board of Supervisors only exists in namely.By studying the case company, the paper offers several inspirations which can apply to the similar state-owned holding listed corporations. Inspiration1:Develop more investors to participate in the investment, accelerating the diversification of ownership structure.Inspiration2:Accelerate the market mechanism of the executive hiring and firingInspiration3:Establish a set of perfect organizational structure, perfecting the internal control system.