*Study On The Impact Of ST Bait's Equity Structure On Corporate Governance

The listed companies in China have higher equity concentration,mostly �one-big one� type equity structure.Although this kind of shareholding structure is conducive to avoiding business risks and determining the company's high degree of cohesion,at the same time,shareholders will inevitably lose mutual checks and balances,and equity is basically controlled by absolute controlling shareholders,which leads to the manipulation of profit events.How to effectively plan the shareholding structure of listed companies and improve the monopoly situation is an urgent problem to be solved in improving the corporate governance structure.In the case of various advantages and disadvantages,how to choose the appropriate shareholding structure and do a good job of supervision is an urgent problem to be solved.The emergence of MM theory in 1958 marked the birth of modern capital structure theory.After that,theoretical research related to the ownership structure emerged one after another.The domestic and foreign researchers have different views on the relationship between ownership structure and corporate governance.The research direction is mostly empirical research,and the combined analysis of related cases is less.Therefore,cutting from the specific case perspective can just add to the shortcomings of the case analysis.This paper combines the analysis of the profit manipulation case of *ST Baxter executives.In theory,it is a useful supplement to the issue of equity concentration and corporate governance.In reality,the socialist market economy is constantly improving.Under the macro background,the issues related to the concentration of listed companies' equity and corporate governance can provide reference for work practice.Based on the research on the relevant concentration of ownership,research scholars at home and abroad,based on principal-agent theory,information asymmetry theory,incentive theory,etc.,select Jiangsu Yabaite Technology Co.,Ltd.as the research object,combined with *ST Baxter Relevant data such as operating income,net profit,gross profit margin and cash flow,in-depth study of *ST Baxter's performance fraud case in 2015-2016,due to the disadvantages of the company's highconcentration of equity,and its corporate governance The impact of the aspect.This paper mainly uses the research method combining literature research method and case analysis method to study and draws the following conclusions: First,the company's equity is too concentrated or too scattered to be a benign development model;second,the two powers are not conducive to the company's long-term development of.The combination of ownership and management rights can naturally make the rights and responsibilities natural and unified,and their own interests are linked to the business performance.However,if the owner's operating ability is low,the company will be hit hard,and the whole enterprise will be completely controlled by the owner's individual will;Third,all the company's daily business activities are legally compliant and can establish a good corporate image.At the end of the paper,some policy recommendations are proposed based on the issues related to the concentration of equity in the *ST Baxter case.Such as adjusting the shareholding structure,expanding the investment ratio of institutional investors,appropriately decentralizing equity,implementing equity incentives for management and employees,and introducing professional managers;giving full play to the role of independent directors and supervisors,establishing a reasonable independent director selection,appointment and dismissal system Try to use the combination of internal and external supervision,select the appropriate number of external supervisory board members,and further refine and clarify the terms of reference of the independent directors and board of supervisors;improve the company's internal control mechanism,optimize the company's control environment,and improve the risk assessment system and Control activities,strengthen internal and external information communication and exchange,give full play to the internal audit department's functional authority in internal control;improve the audit system,strengthen external supervision,and then create a good atmosphere for the operation of the enterprise,and win a good reputation.