Dissertation > Excellent graduate degree dissertation topics show

A Comparative Study on Financial Market Structure and Corporate Governance Structure

Author: MaWanXin
Tutor: ZhuangZiYin
School: Wuhan University
Course: Western Economics
Keywords: financial market structure corporate governance structure financial market financial intermediation institution evolution
CLC: F276.6
Type: Master's thesis
Year: 2005
Downloads: 308
Quote: 0
Read: Download Dissertation

Abstract


To Promote the reform of state-owned enterprises, and to improve the corporate governance, was once the primary goal of Chinese capital market development. It is hoped to make the property structure clear, thus all stakeholders of the firms can claim and protect all their rights, modern management can take over the ineffective arrangement,, and the micro foundation of the economy will be improved. Hence equity financing has always been encouraged. However, because of the inborn flaws of the China’s capital market, the effect of the direct financing on improving corporate governance is not evident. What is worse is that the role of bank can take on corporate governance, as indirect financing provider, is neglected. This situation not only leads to non-performing loans increase, but also bring opportunism to equity financing.Dual monitoring by both creditors and shareholders are complementary to each other. Under dispersed ownership structure , and severe outsiders controlling exists; agents may bribe large shareholders (such as affiliated enterprises transactions) at the cost of most small shareholders (such as no dividend), And use false information to conceal the misconducts. At this time constraint of debts is very important to enhance the general constraint level of agents. Hereby, examining what effects external financing environment, namely financial market structure' dissertation">financial market structure, has on corporate governance has significant theoretical and practical meaning to China’s transitional economy, and the examination can provide suggestions on corporate governance improvement, efficiency of the public capital enhancement, resources allocation optimizing, and even on the financial market structure reform. So-called financial market structure is the interrelationship and the interaction between the financial intermediation represented by banks and the financial market represented by capital market in the process of resources allocating, economy developing, and relevant economic activities..Chapter Ⅰ of this paper surveys the theoretical and practical issues about the problem mentioned above.Chapter Ⅱ compares impacts on corporate governance by equity financing and credit financing, analyzing both the choice of corporate financing policies under the influence of external financial market and the role of the corporation’s stakeholders on corporate governance. Analysis shows that the financial intermediation such as the Japanese main bank contingent monitoring on corporate governance can significantly improve the performance of external monitoring, the internal incentive and constraint mechanisms. Main bank system, along with the employment contract arrangement discussed there can shed light on China’s reform of corporate governance, labor market, and other fieldsChapter Ⅲ brings discussion to a broader perspective, concretely comparing the role ofthe financial intermediation and the financial market take on corporate governance, we explore the reasons of the coexisting of the two systems, through institution evolution approachChapter IV focuses on analyzing the ineffective corporate governance and inefficient capital allocation caused by China’s banks’ soft budget and listed companies’ ownership structure, we conclude that no matter which mode is emphasized, fatal flaws is ensured. We suggest that market-oriented reform should be continued, and through the negotiation among all parties, benign evolvement of market system can be ignited.In the conclusion part, chapter V, the discussion is extended to a broader perspective, we get some opinions on the reform of China’s financial system. We hold that given market-oriented reform, accelerating the reform of financial structure with the efficiency assessment mechanisms of resources allocation, will endogenously enhance the positive effects of the external financial market structure on corporate governance. What’s more, exogenous parameters such as the government legislation and the enforcement of laws will significantly influence the evolution of the institution.

Related Dissertations

  1. The Research on the Construction of the Board of Directors of State-Owned Individual Proprietorship Companies,F275
  2. An Empirical Study of the family of listed companies in China governance structure of the internal control,F276.5
  3. Corporate governance structure of listed commercial banks in China to study of the effectiveness of internal control,F830.42
  4. The Research on Financial Intermediation Support in the Rural Industrial Structure Adjustment of Our Country,F832;F224
  5. The Establishment and Improvement of Audit Committee System of Listed Company,F239.4
  6. The Correlation Studies about Corporate Governance Structure and CPA’S Audit Quality,F276.6;F224
  7. The Influence of the Corporate Governance Structure to the Internal Control Effectiveness,F276.6
  8. A Research on the Financial Market Conditions of RMB Internationalization,F832.6
  9. Research on Financing Methods of the Small and Medium-Sized Hi-Tech Enterprises in Nanning,F832.7
  10. Corporate Governance and independence of audit,F239.4
  11. Calculation of VaR of Financial Garch Models and Its Application in Financial Markets,F224;F832.5
  12. Research on Corporate Governance Structure of Solely State-owned Company,D922.291.91
  13. Research on Construction of a Modern Enterprise System in Broadcasting ＆ TV Group,G221
  14. The degree of development of the financial market impact of FDI technology spillovers,F752.67;F224
  15. The validity of research for the offshore financial markets of Singapore, both inside and outside the separation,F832.6
  16. RMB Internationalization of the Domestic Financial Market Supporting Policies,F832.6
  17. Study on Financial Returns and Volatility Based on Symbolic Time Series Analysis,F830.9
  18. Research on the Stock Market’s Characteristics Based on the Unascertained Measure Model,F832.51
  19. Empirical Research of China’s Housing Price Fluctuation Affect the Economy,F293.3
  20. The Study of Family Firm’s Governance Structure in China,F276.5
  21. The Spillover Effects Which the Development of China Financial Intermediation Lead to the Regional Economic Growth,F127;F224

CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company
© 2012 www.DissertationTopic.Net  Mobile