The Rethinking Of China's Corporate Governance Issues

China has always been studying corporate governance issuestheoretically and practically. The main purpose is to analyze othercountries' corporate governance model and transplant them to China.However, during this transplanting, we somehow neglect that anycorporate governance model has its special external governanceenvironment in which it can work successfully. By a lot of studying of Chinese public companies and comparinginternationally, this paper argues that, the ownership structure issue,which is attended to most seriously now in China, is a long-termevolvement. The optimal ownership structure should be the result of thecompany's choice according to its internal and external environment andits development strategy. We should not mechanically structure corporateownership just for balancing power. The reason why there are so manyproblems concerning Chinese corporate governance is not only becauseof the cooperate governance itself, the more direct and serious reasonshould be the current Chinese defective external governance environment.If we do not put more attention on establishing a fair, competitive andlegal healthily external environment, any corporate governance modelcould not work successfully. For Chinese corporate governance issue now,establishing a healthier environment is the most urgent mission. According to Chinese current external environment, this paperraises some doubts to the corporate governance theories and practicesbefore and offers some new ideas. The author hopes that this couldcontribute some new perspectives and new angles to the studying ofChinese corporate governance.