Study On Corporate Governance Structure Optimization Strategy Of Hunan Tobacco Company

Corporate governance is a series of institutional arrangements to solve the separation of ownership and control in modern companies.The purpose is to ensure that investors get a reasonable return on investment.Reasonable corporate governance mechanism,is not only a necessary condition for modern companies to set up and run the development of the company,but also reduce agency costs and protect the interests of investors and the institutional guarantee and premise of maximizing the value of enterprises.Through comparative analysis of domestic and foreign large tobacco companies governance shows that the implementation of European and American tobacco companies governance function mainly through the market to regulate and guide the way,which is the legal protection of investors is strong,the company dispersed ownership,managers through the market to choose,to motivate and restrict the management through the market,through the market to optimize the allocation of resources.Have a higher efficiency of governance,the tobacco companies governance in Japan mainly through the way of equity control to achieve the law of investor protection is weak,equity concentration,government intervention in corporate governance,the market is not high,manager market is not developed,the efficiency of corporate governance as Europe and the United States tobacco companies.Based on the analysis of Hunan tobacco industry limited liability company hereinafter referred to as the current governance of Hunan tobacco company shows that the company has decision-making authority is not independent,the composition of the board of directors and members of generation is not reasonable,the board of directors and the managers authority is not clear,the incentive and constraint mechanism is not perfect and so on.The dual committee system has great reference significance to the tobacco companies in Hunan.On this basis,the proposed scheme to optimize the governance structure of Hunan tobacco company and perfect the following under the premise of ensuring the single property rights,equity diversification,and other state-owned enterprises to achieve cross shareholding,equity balance,strengthen the construction of the board of directors,independent directors,to improve the independence of the board of directors,set up a special committee to improve the board of directors efficiency,strengthen the role of secretary of the board,and straighten out the relationship between the board and the Party committee of the party.The establishment of the board of supervisors,and the structure and the functions of the board of supervisors for the design is complete,perfect the Hunan tobacco company executives incentive and restraint mechanisms,in the analysis of effect of top managers' in centive and constraint factors on the basis of the design of the performance appraisal program and executive compensation incentive system.This paper analyzed more detailed on the corporate governance structure of Hunan tobacco company on the basis of pre vious research,the author hopes that the research on the corporate governance structure of Hunan tobacco industry company,in order to promote the construction of China's tobacco enterprises to improve the corporate governance of the.