Research On Corporate Governance System Based On CAS Theory

From the 1990s, due to the increasing globalization of the economy, the governance structure of corporation is getting more and more attention around the world and creates a wave of corporate governance movement. Judging from the current status of research, it is difficult for the domestic and foreign scholars to solve the problem of corporate governance by using traditional management and economics theories. The emergence of complex adaptive system (CAS) theory and its successful application in management and economic field provides a new way for the study on corporate governance. Through this way, this dissertation explored intelligent collaboration and evolution law of corporate governance system. The main contribution and innovation of the dissertation include five aspects as follows:(1) The model of corporate governance system is constructed systematically by using the viewpoint and method of CAS thoery including two levels and four subsystem of governance. The research goal, boundary, subject, governance style, function and characteristics of the system are defined.(2) Through the history research of corporate governance development at home and abroad, the general rule of corporate governance is found, the lifecycle theory of corporate governance system is interpretated, the emphasis and corresponding measures of each governing stage are analyzed. It puts forward that the corporate governance system has a vested development rule, which embodies individual features in different stage, diversification features in the whole development process, and assimilation tendency features in development trend. There is no an invariable mode in the development process of complex corporate governance system, while the governing emphasis will be different for different corporations and different governing stages.(3) According to lifecycle theory of corporate governance, the dynamic model of corporate governance structure is constructed and the forming and evolution rule of corporate governance system is revealed, which will provide reference for the improvement of governance structure and performance of state-owned enterprises in China. The dissertation also discussed that the forming and evolution of corporate governance system is a dynamic developing and path-dependent process, and it follows the regularity that develop from governing inside to governing outside, from pursuing efficiency to pursuing equity, and from pursuing partial interests to pursuing overall interests.(4) Through the analysis of the dependence between the mechanism and structure of corporate governance, the designing goal, the governance content and the mode of action is discussed, which revealed the development rule of the mechanism. It puts forward that the designing object is to guarantee the whole efficiency, to maintain the equity of every main governing body, to take prompting and restriction as the core, and to pursue maximization of overall governance effect meanwhile every governance mechanism fully playing its role. The choice and construction of the mechanism followed the rule that develops from emphasizing inside to governing outside, from rigid constraint to flexible constraint, from protecting shareholder benefit to protecting everybody's benefit, and from protecting the whole system's benefit to protecting the society's benefit.(5) Based on CAS, the interaction model of corporate governance mechanism is constructed and the coordination equilibrium and interaction mode between internal and external governance mechanism is revealed. It argues that there exits an interactional coupling relationship between internal and external governance mechanism. That is, the operation of corporate governance mechanism is a process that every governing body actively participating and the internal and the external mechanism interacting. At the same time, it emphasizes that the coordination equilibrium and interaction mode are important guarantee for effective operation of corporate governance system. Based on this, the evolution of corporate governance's each stage and the interactions of internal and external governance mechanism are simulated by using SWARM platform.