Corporate Governance And Enterprise Irregularities

China securities market has become the backbone of Chinese economic reform and development after more than 20 years’ups and downs.With the continuous prosperity of market economy and improvement of multi-level capital market construction,China securities market has gradually entered a sound track of stable development and increasingly emerging economic functions.Listed companies,important participants of China securities market,have also shown explosive growth trend after undergoing a split share structure reform.However,in sharp contrast to the growth of Chinese listed companies,China capital market have also witnessed endless violations committed by these listed companies,including but not limited to illegal information disclosure,illegal use of company funds by shareholders,insider trading,false financial statements,manipulation of stock prices,illegal trading of stocks,fraudulent listing,illegal guarantee,improper accounting treatment,etc.The abovementioned unceasing irregularities of listed companies,have not only made the listed companies become the gathering platform of market risks and the hiding place of illegal behaviors,but also brought huge loss to numerous investors and seriously hindered the resource allocation function of the securities market.With respect to the problems presented by listed companies in China securities market,both scholars and regulators are striving to explore the root causes of these irregularities from different perspectives and different research methods.The complicated situation has pushed us to think what are the causes:owing to lack of external market supervision,or due to internal corporate governance structure problems?The thesis uses the full sample of the Shanghai and Shenzhen Securities Markets for a total of 27 years from 1992-2018 to analyze the trends and characteristics of irregularities of listed companies in China securities market.At the same time,the thesis focuses on the irregularities data of listed companies to conduct empirical research,so as to analyze the impact of internal corporate governance structure on corporate irregularities,discover the crux of corporate irregularities in China securities market,and provide a brand new perspective and evidence to handle the world-class corporate governance myth.