The Comparative Study On The Legal System Of Listed Corporate Governance Between Cross-straits

In the 20th century, the famous sociological jurist Pound has pointed out that countries in a modernization process must maintain a balance between maintaining legal tradition and absorbing the new law. As imported concept, Company refers to a for-profit established in accordance with the company law of an enterprise as a legal person. Since transplanted to mainland in last century, no matter in old China or new China, the concept of company has been rapid development. In 1904, the Qing government promulgated "company law", not only for the first time the introducing western modern company system, but also divided the company form into four kinds, the Joint Venture Company, Joint Venture Co., LTD., Co., LTD and Co., LTD. In 1914, the National Government promulgated "company ordinance", further optimizing the company into four kinds:Unlimited Company, Joint Liability Company, Joint Stock Limited Liability Partnership and Limited Company. It established the modern corporation type and laid foundation for the revision of company law and determination of company types. In the meantime, other relevant company law system were implemented gradually, effectively promoting the generation and development of other commercial behavior, such as the securities trading, corporate bond issuance. After the victory of Anti-Japanese War, the corporatization process of Shanghai Stock Exchange provided a good foundation for the further development of China’s listed companies.After the Second World War, with the high speed of western economy development, the listed corporate governance concept rose in the west in the 70s and 80s. It was introduced into mainland of China in the early 90s. As the mainland of China economy was entering a high speed, the study of listed corporate governance has become one of the major issues in the 21st century. As one important part of social governance, good corporate governance is even the foundation and guide for achieving the goal of social governance. In recent years, with the quickening pace of economic globalization, corporate governance is more and more becoming the focus of all countries. So far, corporate governance issues have gradually increased to a complex topic of influencing the world’s development process, so looking for more scientific and more reasonable modes of corporate governance will become important legal problems for all countries to solve urgently. The mainland of China and Taiwan district are also need to join in. So, the related system of listed corporate governance is necessary to discuss under the background of company law system development on both sides.Academic circles are generally believed that:the law can be transplanted, but can’t ignore the living environmental factors of comparative study. Both sides of the Taiwan Strait have the same cultural tradition and belong to continental law system, so the discussion on the legal system of listed corporate governance, has comparability in theory, and can transplant the good legal system into ourselves by this chance. This article will comparative study the existing difference on the listed company governance theoretical basis, structure mode, rule of law, practical issue and governance of general situation between Cross-straits. By the way, to find out more legal system and specific rules that confirm to the future development trend for mainland of China to support the economic sustainable and healthy development.Specifically, to build better governance structure of listed corporate and its legal system could ensure that the listed corporate shareholders meeting, board of directors, board of supervisors and management layer balance between each other, and it is also the key to establish modern enterprise system to adapt to the economic globalization trend for mainland of China. However, from the current situation, comparing with developed countries and area in economic organization construction, mainland of China still exist many problems in listed corporate governance legal system. So we need to explore structure model and legal system about corporate governance according with the practice of indigenous. It is also our mission that the era has entrusted to us. The article aims to explore a basic issue, "why we need to use the law system to regulate listed corporate governance?" To further solving the realistic problems that mainland of China how to draw lessons from the experience of the Taiwan area and build a good legal protection system beside of the autonomy of listed corporate. For a more far way, to explore listed corporate in mainland area how to develop steadily after entering the period of economy development.The author will carry out the problem discussion from the following five parts: prartl exploring the related concept about the legal system of listed corporate governance because the concept of modern corporate governance has larger improvement than ever before. To discuss the connotation of corporate governance, so as to understand the company’s management present situation and trend in the world and the international economic organizations. What’s more, its basic connotation has been able to accurately point out the meaning and purpose of corporate governance, so it can answer the importance of the legal system of listed corporate governance issue; part 2 from the clue of historical development, tracing back to the evolution of legal system of listed corporate governance between cross-straits and showing the different development paths of legal system of listed corporate governance after divided by different regimes; part 3, in order to seek the differences and convergence, the article will make a detailed comparison about the current legal system of listed corporate governance between cross-straits from two different levels:macro and micro, displaying on both sides is the same. Related legal system construction is also advancing with the times; the improvement to themselves will make convenience to the market main body in different degrees. It also makes a contribution to promote the value maximization for listed companies; part 4 and part 5 are the summary of above after comparison and analysis. To be specific, part 4 points out the existing problems and reasons leaving us with profound reflection on the legal system of listed corporate governance between cross-straits. On both sides of the "all roads lead to Rome", the governance of listed corporate is not exceptional also, and the mode and idea of legal system, system construction and the cultivation of related professionals of listed corporate governance in Taiwan area are worthily referenced for mainland of China; part 5 blend the issues above, having deeply sense that the mainland of China is going to the rule of law, especially for the governance of listed corporate, this paper puts forward some feasible advice to consummate the legal system of listed corporate governance from some principles and rules:sticking to the development direction of localization and the core ideas of separation of powers in the modern corporate governance, giving consideration to both capital democracy and economic democracy, to improve the operating system of the listed company, to develop effective competition in outside market of listed corporate, to improve the effectively enforced of legal system of listed corporate governance. The final conclusion is based on the study and grasp of the history of legal system of listed corporate governance, looking far ahead into the future of the mainland legal system of listed corporate governance development direction, also elaborated the conclusion of comparison research from the macro level.