Based On Factor Analysis Of Corporate Governance Theory And Empirical Research,

Since the nineties of the twentieth century, company governance issues has caused wide public concern and become research hotpots among theoretical workers.But most research make use of economic tools to emphasize particularly on one or some of factors of company governance. In order to realize accurately and grasp the regularity and systematicness of company governance and governance structure comprehensively, we attempt to raise the concept of "Company Governance Structure System" using system science tool. We systematically discuss the connotation, frame, mechanism, characteristic, stability and other relevant matters of company governance structure.The paper regards company governance structure system as research object. Based on predecessors' company governance practice and related theory results, we research widely and comprehensively on company governance structure, by the breakthrough point of governance factors, using cybernetics, system theory, dissipative structure theory etc scientific theory of systems and adopting theory deduction, demonstration and analyses. At the same time, this paper also points out defects in some mainstream company governance theories. It raised new ideas about company governance structure research based on governance factors.There are total 7 chapters in this paper.Chapter 1: IntroductionRaising research frame, research thoughts, research content, expected research results and mainly innovative points.Chapter 2:- Reviewing predecessors' company governance practice and related theory results;- Pointing out flaws in the above research;- Theorizing and making preparations for research subsequently.Chapter 3:- Summarizing the process of the emergence and development of system science;- Analyzing and drawing a conclusion of company's basic factors;- Defining company governance structure system and raising the concept of governance factors. Chapter 4:- Further analyzing and expatiating governance factors based on foregoing chapter;- Raising a series of theory hypothesis to prepare for the demonstration in Chapter 6.Chapter 5:- Expatiating on governance structure system's reaction mechanism from three different directions: governance logic, governance mode, governance principia;- Questioning on the viewpoint of "unilateral governance" in Principal-agent Theory and the viewpoint of "equal footing" in Stakeholder Theory;- Drawing a conclusion of governance system logic: determining the position, constructing relations and interaction-feedback;- Raising interaction-feedback mode of company governance based on system science; Raise the common principle of company governance, contingency principle.Chapter 6:- Demonstrating governance factors;- Researching the system stability based on Dissipative Structure Theory;- Raising the company governance structure stability factors analyzing frame;- Demonstrating and verifying the stability factors analyzing frame by using factors analytical method.Chapter 7: ConclusionSummarizing the main conclusion and further research matters and trend.Altogether, the main viewpoint innovation is the following:1. Raising that Company Governance Structure System composed of 4 factors: governance main body, governance object, governance environment and environment objective, which also affected company governance. We called them "Governance Factors". We construct company governance system frame on the base of Governance Factors.2. Raising company governance system's reaction mechanism on the base of company governance structure system frame by using system science's analytical method; We pointed out that governance structure system's reaction mechanism depends on governance structure system and joins governance structure system with special objective, which also lays out the related cause and effect workflow between governance structure system and special object, and displays its operating logic, mode and principle in the whole governance structure system. 3. Raising an Interaction Governance mode which is different from unilateral governance and co-governance mode.Whether traditional "uppermost stockholder" or "equality participation" governance mode can't reflect accurately the status and state of stakeholders in a company governance structure system, so that we present a concept of "governance status" to state it. The difference of governance status among stockholders result in company governance structure system interaction. So interaction mode reflects company governance structure system's essential mode.4. Raising elementarily the company governance structure stability factors analyzing frame.The paper think company governance structure as a typical dissipative structure system and analyses its dissipative structure characteristics accordingly. We think there are three factors affected company governance structure stability: opening related factor, non-linear adjusted related factor, far-from-balance related factor.