A Case Study Of Evolution Of Private Listed Company Governance Efficiency

Because of "Enron event" of 2002,as well as the financial crisis of 2008,the corporate governance has attracted unprecedented attention from theory and practice,and there are lots of academic researches on this subject.Corporate governance is the most important in the modern enterprise system's organizational structure.It not only is a necessary condition for a modern company operation,management,and sustainable development,but also has important influence on the development of a country's capital market and even the entire economy.An effective corporate governance system includes inside part and outside one.The primary aim of corporate governance is to improve the efficiency,and efficient corporate governance efficiency is the fundamental and core of corporate governance.Company governance efficiency is established to measure the effectiveness of the governance structure and mechanism,and also to evaluate the realization degree of corporate governance goal.And proper corporate governance efficiency evaluation method must be both objective rationality and practical effectiveness.No matter from the longitudinal course for the development of the company,or from the horizontal comparison of company development,good corporate governance is the premise condition to improve the economic efficiency,and increase the competitiveness of the company,also the core of modern company system.At first,through the introduction this article describes the research background and research significance of this article,and determines the thinking of writing of this paper(including the research content)and research methods.Then the related concepts of corporate governance,with the literature review of this paper,are discussed following,and combed systematically.After that,the focus of this article is to select two private listed companies(i.e.,Kelon electrical and Jinlu group)whose control people losing control to case analysis respectively.First introduce the events that Gu chujun and Liu han was in prison and the aftermath of an emergency events,then through governance structure and horizontal comparison between industry and private enterprises to analyze the various corporate governance efficiency respectively.Next is to comprehensive the two case,and analyze the differences,combined with external and internal factors,to contrast inthe current market situation in our country and under the influence of the emergency situation,Chinese private listed companies in the evolution of corporate governance efficiency in the different periods.Finally,make the conclusion of the status quo of China's private listed companies corporate governance efficiency conclusion(optimization and deterioration trend)with the examples.Finally,according to the comparative analysis of the two cases where the business owners was arrested,we could find on the whole the governance structure of Jinlu group is better than that of Kelon electrical and the corporate governance efficiency also proved that-no matter compared with the same industry enterprises or private enterprises,both valuation levels and financial situation,Jinlu are all superior to or more stable than Kelon overall.And even during the hardest hit season,Jinlu created more value,or higher profit(lower loss of profit)considering the cost of capital than that of Kelon.Finally the conclusion that the evolution of private enterprises in our country listed company governance efficiency optimization is clear.On the basis of summarizing the predecessors' research,this paper is aimed to solve the problem of Chinese private listed companies governance efficiency optimization of case analysis and comparative analysis,and innovative point is the unique perspective of selected cases--the perspective of business owners losing control(i.e.,entrepreneurs being put in prison);together with the present situation of our country capital market the stock price and economic value added(EVA)to comprehensive measure governance efficiency of private enterprises in our country listed company;analysis with two cases,including case in different periods of longitudinal comparison and horizontal comparative analysis of the selected cases.Two cases are used to prove that to enhance the efficiency of corporate governance affect the long-term development of the private listed companies:1,corporate governance structure should become one of the decision-making of investors.In addition to consider traditional reporting information,corporate governance structure should also be considered for future development of enterprises.2,the company decision-makers should strengthen to the attention of the corporate governance efficiency,because of its direct impact on strategic choice for the development of the company and business performance.3,it will promote the private listed companies to strengthen the perfection of corporate governance structure and to promote the efficiency of management,improve the competitiveness of the private listed enterprises in the fierce market at home and abroad,improve the management of private enterprises robustness and the ability to fight against emergency impact,with the goal to safeguard the interests of small and medium-sized investors better.