| In the supervision and management of the capital market in our country, the management of the listing Corporation has become the most important part. In recent years, many scholars put the issue as the focus of the work, carried out in-depth and detailed research and analysis, effectively improved the level of China’s listing Corporation governance, maintaining and ensuring the stable operation of the capital market. Among them, as one of the evaluation indicators of corporate governance, information disclosure quality can fully and directly reflect the effectiveness of the internal management mechanism.From the view of the existing theoretical research, the current most of the study about the listed company governance have information disclosure as the breakthrough point, to the enterprise information disclosure of the economic impact of the quality system research and analysis, and thus based formation has certain value of theory results. The current theoretical research in related fields, with specific evaluation indicators (such as equity allocation, board independence) as the object, and to private enterprises for the study sample are relatively scarce. In addition, the current study analysis of multi part still stay in foreign research mode of learning and reference, did not reflect the Chinese characteristics of research, relevant theoretical achievements and practical level is relatively low, it is difficult to provide comprehensive, systematic and effective guidance for the scientific development of the capital market of our country.This topic research selected representatives of the domestic private enterprises who-Tianmu pharmaceutical as the research object, to the accounting information disclosure accident as the subject, from private enterprise ownership structure analysis, in-depth analysis of the company financial fraud, concealing true accounting information motivation, purpose, and based on combing and analysis of domestic private enterprises in the governance mechanism, management efficiency, organization structure of congenital insufficient, also clearly put forward the controlling shareholders against the consequences of the legitimate rights and interests of small shareholders the typical agency conflicts. The results show that:(1) The shareholders infighting and the actual operation trader, related transactions provide a hotbed and motivation; (2) Related party transactions of the essential target is similar to the frequent failure of the restructuring, mainly concentrated in the controlling shareholder of illegal transfer of assets of the company; (3) Internal governance system defects are the main cause of the related party transactions, large shareholders have control over the operation and management of the enterprise to seek their own interests, ignoring even against the source of frequent events of the legitimate rights and interests of other shareholders as the imbalance of internal and external supervision mechanism.This breakthrough and innovation in the research is to complete the systematic study on the governance system of domestic private enterprises, and clearly the fundamental cause of the defects of corporate governance; system Ⅱ study evaluated the governance of private listed companies, the gap between the foreign mature models. It is emphatically pointed out that the adverse effect of agency conflicts of listed companies, and the problems are analyzed in details. Through the research analysis, tries to solve the following problems:effectively relieve, the confrontation between different types of shareholders, the interests of minority shareholders protection mechanism is proposed; (2) to strengthen the board will function, give full play to the interests of shareholders, to achieve the role of internal equity; (3) to improve the level of corporate governance of listed companies, for the scientific management of the private enterprise to provide valuable advice. |
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