Research On Shareholding Structure?Supervisory Governance Mechinism And Governance Performance

How to establish a valid supervisory mechanism is the problem that corporate governance of each country should face to,and is the necessary system arrangement of reaching the goal of corporate governance.Compared with the supervisory board system linked with double-tier corporate governance model applied by Germany and Japan,a special kind of supervisory board system,which having the organization of the Communist Party of China participating in,has formed gradually in China.CPC Central Committee and the State Council have drawn up the 13 th Five Year Plan and begun to implement it.The supply-side structural reforms are implemented recently in China.Reforming ideas and policies have also been proposed by CPC Central Committee and the State Council.Moreover,some new topics on corporate governance are raised.The supervisory board should play an effective role in some issues,such as carrying out mixed ownership reform effectively,addressing overcapacity effectively,governing zombie enterprises,preventing enterprises from zombifying themselves,avoiding loss of state assets in new period of the reform of state-owned enterprises.CPC Central Committee clearly proposed that the leadership of CPC to guide economic work must be enhanced,and enhanced the unity of strengthening the leadership of CPC and improving the level of corporate governance.The participation of the organization of CPC in corporate governance should be a characteristic of corporate governance in China.Therefore,the participation of the organization of CPC in corporate governance is a heat topic which needs researches urgently.To enhance the supervisory board governance is urgently needed by the practice of corporate governance in China.Besides,academia should attach significance to the research of the supervisory board,and scientifically respond to the raised question of the supervisory board governance seriously.Researches of supervisory board governance are much more insufficient compared with the researches of stock right and board of directors.It is necessary to add researches of board of supervisors.The thesis mainly responds to four questions:(1)Is the supervisory board governance effective?(2)What are the key factors to influence supervisory board governance?(3)Which characters of the supervisory board have an influence on the performance of supervisory board governance?(4)Is it efficient that the organization of CPC participates in the supervisory board governance?The normative analysis method is used to build a basic analytical framework about the efficiency of supervisory board governance by the thesis.Based on the contract theory,starting from protecting the relationship between interests of the contractors and supervisor in ordinary,combined with the effective supervisory board system of Germany and Japan,the basic conditions of the effective governance of supervisory board are raised such as independence,authority and positivity.What's more,the basic analytical framework,“shareholding structure-supervisory board's independence,authority and positivity-efficiency of supervisory board governance”,is built.To start with the three conditions of the efficiency of supervisory board governance,apply the framework above to review the supervisory board system in China,and then point out that the supervisory boards in China don't have the conditions of independence,authority and positivity.According to the origin and goal of board of supervisors,the thesis has proposed the construct of the performance of supervisory board governance to value the efficiency of the governance.Based on the basic analytical framework “shareholding structure-supervisory board's independence,authority and positivity-efficiency of supervisory board governance”,the case analysis method is applied to analyze the governance status of four enterprises having various shareholding structures,which are the state-owned enterprise named CNPC with highly concentrated shares,the state-owned enterprise named Nanjing Pharmaceutical company with relatively concentrated and non-balanced shares,the non-state – owned enterprise named Guangxia(Yinchuan)Industry with dispersed and balanced shares,and the sino-foreign joint ventures named M with relatively concentrated and balanced shares.Due to the case analysis,the preliminary answer to the efficiency of supervisory board governance will be discovered.According to the theoretical analysis,the thesis points out three hypotheses.The first one is that shareholding structure will influence supervisory board governance.The second one is that supervisory board governance will influence agency costs.The third one is that supervisory board governance will influence the performance of corporate.China listed companies from 2007 to 2014 are selected as research samples,and the data is handled by SLDV for parameter estimation by the software named STATA 12.0.Four conclusions come out afterwards.The first one is that supervisory board has a negative influence on agency costs and a positive influence on the performance of corporate.The test-passed probability,which is of the hypothesis that the supervisory board governance is effective,is closely related to the given significance level.The second one is that the shareholding structure has an obvious influence on supervisory board governance.The third one is that independence,authority and positivity of the supervisory board have an influence on the performance of supervisory board governance.The fourth one is that the participation of the organization of CPC has a positive influence on the performance of supervisory board governance in some specific shareholding structures.According to these conclusions,combined with the recent status of supervisory board governance,there are some advices.Actively push the mixed ownership reform and optimize the ownership structure.Expand the scale of boards of supervisors and improve their structures and independence.Improve the supervisory capacity of supervisory boards and establish their authority.Use economic benefits to encourage supervisory boards to motivate it.The contributions of the thesis are about four aspects.The first one is that analytical framework “shareholding structure-supervisory board's independence,authority and positivity-efficiency of supervisory board governance” comes out to rich the analytical paradigms of the study of supervisory board governance.It can help broaden research ideas and paths.The second one is that an empirical test has been taken to the influence on the supervisory board governance by shareholding structure.It is shown that shareholding structure is the key factor to the efficiency of supervisory board governance.In the supervisory board system about governance,shareholding structure is a factor functioning like factors in homologous governance mechanism.The third one is that the thesis broadens the content of the participation of the organization of CPC in supervisory board governance.The efficiency of the participation of the organization of CPC in the supervisory board governance has been positively tested and verified.It is helpful to explore the characteristics of corporate governance in China.The fourth one is that deep explorations to the internal factors about the supervisory board governance has been made.It is discovered that the participation of the organization of CPC has a positive influence on the performance of supervisory board governance in some specific shareholding structures.In addition,the participation of female has a positive influence on the performance of supervisory board governance in some specific shareholding structures.