Study On Optimizing Corporate Governance Mechanisms Of The State-owned Airlines In China

The practice of Corporate Governance has been in existence since the separation of ownership and managerial authority in enterprise,but only until around 1970 s to 1980 s,did it got a clear definition and it's systematic research started.Since 1980 s,the research of Corporate Governance has undergone 3 developing stages,including theoretical establishment,practical operating and evaluation of governance,which raised waves of Corporate Governance development and also promoted the continuous progress of Corporate Governance Practices.Corporate governance is the supporting force of the development of the company.It's operation effects are always reflected in normative and effective degrees of the governance and it's related with the value growth of the company.After nearly 30 years of development,Corporate Governance practice in our country has gradually obtained standardization,it not only has established a complete governance structure,but also it has formulated and optimized it's operating rules.However,because of the influences of many subjective and objective factors,there is still problem of low efficiency in corporate governance within our country.Corporate Governance is generated from the practice of enterprise development,and in return it serves for the purpose of company development.In view of the lack of effectiveness in corporate governance practice in our country,this thesis,based on the perspective of optimizing Corporate Governance mechanism,will take pursuing governance effectiveness as a logical start point and stand at the height of commercial nature and company goal,to point out that the ultimate goal of Corporate Governance is to create value.And on this basis,the thesis will try to analyze the relationship between Corporate Governance and Corporate Value.By elaborating the internal and external governance mechanisms,this paper will construct the influence framework of Corporate Governance on corporate value,and will discuss the key factors that how the three major internal governance mechanism of decision-making,incentive plan and supervision and the three major external governance mechanisms of contest for corporate control,manager substitution and product competitiveness will affect the corporate value.And in this way,this paper is trying to provide a theoretical tool for corporate governance practice analysis.Finally,on a general view of the domestic major state-owned airlines and taking SZ Airlines as a specific case,this paper will analyze the root causes for the decline of corporate value from the perspectives of internal and external governance mechanisms and will try to indicate the obstacles restricting the corporate governance effectiveness and make optimization suggestions concerning the main defects in governance mechanisms.