Study On Corporate Groups Governance

Corporate governance and corporate groups have been matters of deep concern by the academic circles, the enterprise circles and the Chinese government in recent years, to which the academic circles have conducted plentiful researches and the government has formulated a series of related policies.Currently, the study on corporate groups governance is of theoretical significance. The previous study on corporate groups governance, focusing on the description of its external form and the solutions to problems in practice, fail to present a thorough theoretical analysis of the intrinsic mechanism of corporate groups governance.The study on corporate groups governance is also of practical significance. Along with the corporate groups expanding rapidly since the reform of state-owned large and middle scale enterprise and the development of bankruptcy, annexation and reorganization in 1990s, corporate groups governance has exposed various problems. Therefore, a comprehensive survey of the intrinsic mechanism and external form of Chinese corporate groups is necessary, which in turn promotes the national economy development and enhances the international competition strength. That is why the author chooses the corporate groups governance as the topic of this thesis.Based on the previous studies, relating these two hot topics together, this thesis gives a systematic theoretical analysis to corporate groups governance. This thesis, aiming to propose some concrete suggestions for the improvement of China' s corporate groups governance, is composed of six parts.Part 1 analyzes the characteristics, the types and the causes of the corporate groups. In this part, the author refers to the cost-saving theory to analyze its causes. Part 2 analyzes the connotation and the particularity of corporate groups governance. Based on the definition of corporate governance, the author first attempts to define theconnotation of corporate groups governance, then discusses its particularity. Part 3 analyzes the intrinsic mechanism of corporate groups governance in terms of the control mechanism of the parent company to its sub-company, the cooperation mechanism of related enterprises and the benefit protection mechanism of other favoree. Part 4 first presents the author' s essential frame to the pattern of company governance, then presents a comparative analysis of the patterns of corporate groups governance in America and Japan. Part 5 points out the main problems in China' s corporate groups governance result from the imperfect state asset management system. Part 6 puts forward some concrete suggestions in terms of the reform of the state asset management system, the construction of independent director system and the improvement of the inspiration and restraint mechanism of the operators.The innovate views of this thesis is concluded into the following five aspects:1. The connotation of corporate groups governance is defined and a proposal is made that corporate groups governance should be taken in the related studies to express the government of corporate groups.2. The essential frame of corporate governance is proposed on the basis of the company correlation favoree analysis.3. The main problems in corporate governance lie in the imperfect state asset management system.4. The essential factor in the state asset management system is to strengthen the inspiration and restraint as well as the market choice of the state asset agent.