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The Research on Ownership Structure and Corporate Governance in Listed Companies

Author: LiBaoYong
Tutor: LvYouChen
School: Jilin University
Course: Business management
Keywords: Ownership structure Corporate Governance China 's listed companies State - owned listed company Research Listed Companies in China The agency relationship State-owned shares The proportion of state-owned shares Agency conflicts
CLC: F275
Type: Master's thesis
Year: 2004
Downloads: 723
Quote: 1
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Abstract


An effective company management mechanism can help establish a set of supervising, appraisal, stimulating and restriction system, which will have great influence on the company’s accomplishment. Adjustment of the mechanism of ownership of share, a basic and integral part of a company, is to achieve effective company management and to maximum benefits of the stockholders. This thesis explains the concepts of share ownership mechanism and company management at length. On the basis of explanation on concepts of share ownership mechanism and company management as well as a comparison between the successful company management patterns in some developed western countries and the situation of Chinese listed companies, this thesis has been written in expectation to provide some suggestions for the reform of share ownership mechanism in listed companies and of company management. The whole article is divided into 3 parts. Part ⅠSHARE OWNERSHIP MECHANISM AND COMPANY MANAGEMENT1.Concept and types of share ownership mechanismThe share ownership mechanism refers to the constitution of a company’s shareholders, the stability of shareholders, the proportion of shares owned by summit administrative staff, etc. Proportion of shares is decisive to the influence of stockholders, profits allocated to shareholders as well as equity of the shareholders. In term of the distribution of shares, stock ownership mechanism can be divided as highly centralized, over dispersed and moderately disperse. 2. Company management and company management mechanism <WP=54>The subject of company management was born based on the separation of company’s ownership and power of company control as well as the entrusting and surrogating relationship between the owners and managers. Key to the company management is the establishment of a system of distributing controlling power and restricting the power together with the set-up of restraint and stimulation system. Organizing structure, system and regulation of the problems mentioned above constitute major parts of company management. Since this dissertation is written on the base of share ownership mechanism theory, the major concern of this article is the inner management mechanism of a company, which is a set of regulations regarding the operators’ the monitoring and controlling over the company. 3.Arrangement of share ownership mechanism and company management Company management is a set of regulations and methods concerning supervising and controlling the company while share ownership mechanism is a basic factor determining the effectiveness of company management mechanism. As a system demonstrating and protecting the arrangement of share ownership mechanism, company management is paying more emphasis to share ownership mechanism and those relevant to the company’s profits. There are two existing basic problems about surrogating. One is the conflict between the prominent state shareholders and minor shareholders; the other is the conflict between the state holders controlled by staff in the company and the natural representatives of the state-owned shares caused by lack of owners. 4.Comparison of share ownership mechanism and company management mechanism pattern between countriesWith classical economics as ideas they admire, the American and the British attach great importance to the role of capital market in capital allocation and company management and adopt strict regulation. The situation is different <WP=55>in Japan and Germany, they emphasize on the role of bands and big investors in capital allocation and company management and adopt relaxed rules. Different share ownership mechanism may lead to different ways of management accordingly, including management with dispersed share ownership and centralized share ownership. Part Ⅱ ARRANGEMENT OF SHARE OWNERSHIP MECHANISM IN STATE-OWNED LISTED COMPANIES AND RELATED PROBLEMS OF MANAGEMENTClassification of share ownership in state-owned listed companiesIn terms of investors, stocks of state-owned listed companies in China can b

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