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Study of Relationship between Corporate Governance and Strategic Performance in Chinese Listed Companies

Author: YangZhaoWen
Tutor: WanJunKang;ZhouZuDe
School: Wuhan University of Technology
Course: Management Science and Engineering
Keywords: listed company corporate governance internal governance structure external governance structure strategic performance
CLC: F279.2
Type: PhD thesis
Year: 2005
Downloads: 1475
Quote: 10
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Abstract


Chinese economy is under market-oriented reform towards the property right diversification. During the course of changing, the microscopic governance of corporations is a key issue leading to the success, and the upstanding corporation governance in macro level is also a cornerstone of China’s successful entry to the international society. Corporations must formulate the effective strategic management, instruct and plan their operations, in order to occupy a superiority position, and obtain long term development in the market competition.From the aspect of the development of corporation strategy management theory, the goal of strategic management is set by the process changing from passive adaptation under environmental pressure to initiative enhancement of resistance ability towards the uncertainty and complexity of the operational environment. This is to say, in order to achieve the goal, a corporation should pursue the enterprise’s value creation ability, accumulate the strategic asserts, breed the dynamic reactional ability and governance with correlational interest group together.According to the scope of functionality of corporation governance, it may divide into which is the internal governance structure and external governance mechanism. The arrangement of internal corporation governance structure and its relationship with the strategic process can be described by: General conference of shareholders - control mechanism of strategic target, board of directors — making of strategic decision, managers - implementation of strategic decision, and board of supervisors - supervision of strategic decision. The existence of the domination market of external corporation governance is also a weapon against the enterprise’s strategic decision making. Under a market system of relatively matured conditions, enterprise’s strategic decision information can be transmitted to each investor rapidly with the aid of modern network communication; on the other hand the reactions and options of investors can also be transmitted to the board in time. It is in this way the strategic decision of corporation influenced by external factors. This essay uses the concepts of relative value and growth ability to analyze the influence to enterprise strategic performance made by the internalgovernance structure and external governance mechanism.The whole essay is divided to seven chapters, the first chapter is introductory remarks, introduces the spawn of the issues, inspects the domestic and foreign research backgrounds, pointes out the significance of the research, and describes the basic situation and research techniques. The second chapter is the related rationales of corporation governance, explains the paragenestic evolution thoroughly between enterprise system and development of the corporation governance thoughts, searches the structure arrangement of corporation governance from the point of frontier contract theory and enterprise theory, and analyzes performance evaluation in theoretic development of corporation governance. Third chapter is the theory skeleton of corporate governance and its strategic performance, reviews the development of corporate strategic management theory, points out the relationship between corporate governance and strategic process, and constructs the system of corporate strategic performance evaluation. Fourth chapter is the comparative study of typical corporate governance models of overseas companies, mainly compares the governance patterns between Anglo-America model and Germany-Japan model and points out its reference significance, and reviews the Chinese corporate governance transform under the state-owned Corporations. Fifth chapter is the theoretical and empirical studies of internal corporate governance structure and corporate strategic performance, inspects the influences given to strategic performance by corporate internal stimulation mechanism, the policy-making mechanism, and the supervision mechanism, and draws a conclusion. Sixth chapter is the theoretical and empirical studies of external corporate governance structure and corporate strategic performance, inspects from two aspects of external market control power which are financial structure and strategic M&A, and suggest to enhance the supervision and execution of information revealing of listed companies, together with proper pricing of non-circulating share to increase the strength of interest protection of middle and small investors. Seventh chapter is the policy suggestion which may improve the governance situations of Chinese listed companies: in order to construct a proper target pattern of governance structure, strategic investors should be introduced into the listed company, and, key shareholders and institution investors should play important roles in the governance structure. At the same time, through implementing stimulation plans such asannual salary remuneration plan, employee stock owner plan and stock options to improve the internal governance structure, and optimize the design of stimulation system. Eighth chapter summarizes the whole dissertation, points out the major innovation and explains future research extending directions.This essay attempts to obtain several aspects the innovation of the following, based on theoretical and empirical researches of the corporate governance of listed companies and their strategic performance:(1) Through full-scale integration of the theory development foundation of corporate governance and the evolution of enterprise property right institution, this essay analyzes the factors and means which major structural body impacts the corporate governance, and points out the functionality of control and path of governance influence given by every structural body of corporate governance on the decision making and implementation of strategy. (2) This essay analyzes the patterns and paths of corporate governance evolution between Chinese and overseas companies, compares the advantages and disadvantages of each kind of governance pattern, uses the overseas experiences to reform the governance of Chinese listed companies. In particular, commercial banks as the major creditor, should effectively exerts the controlling and supervising function on Chinese listed companies, by doing so not only a channel of external supervision is provided but also a way of improving banking industry’s asserts quality is given. (3) This essay uses the concepts of relative value and value growth ability to analyze the impact of strategic financing behavior to strategic performance, therefore a visual determination of the financing behavior of Chinese listed companies can be drawn. Equity financing and debt financing have deferent impacts to the corporate performance, the prior associates with short-term value growth and the latter does not substantially favor long-term increasing. (4) Under comprehensive consideration of the actuality of Chinese listed companies, this essay investigates the relationship between corporate governance and strategic performance from many aspects, and argues that: the current management level stimulation mechanism is ineffective in constraining and stimulating the tier pervasively, a continuous improvement or an importing of other means of stimulation is required. And from the view of improving management quality, the governance structure of Chinese listed companies should be changed from the internal controlling to the mutualcontrolling together with external financial institutions.

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CLC: > Economic > Economic planning and management > Enterprise economy > Companies around the world economy > China
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