Study On Ownership Structure And Corporate Governance In Listed Company

Corporate governance issue emerges with the separation of ownership and control right. Company practice has proved that effective governance structure is essential for modern enterprise to maintain long-term stable development, make good business performance and safeguard the interests of shareholders and managers effectively. With the continuous deepening of economic globalization, how to build a rational and effective corporate governance structure is not only one important problem company itself must be resolved, as well as the focus of national authorities and the security supervision departments' attention.Ownership structure is the property foundation in listed company. It decides the distribution ratio between the ownership and control right. Therefore, ownership structure plays a very important role in corporate governance efficiency. Different ownership structures will lead to different agent problems, therefore, corporate governance issues and measures to resolve it will not the same. In highly ownership dispersed company, the main governance issues is interest conflict between owner and manager, and in highly concentrated one, which exists controlling shareholders, the main issue is major shareholders' invasion against small ones. Based on above research, this essay first theoretically analyses the decentralized structure, concentration structure and corporate governance mechanism, and construct a model protecting the interests of small shareholders when existing controlling stockholders in order to illustrate the importance of the protection of small investors;then generalize the characteristic of ownership structure of listed companies, in view of performance is the ultimate measure of corporate governance, this essay makes empirical research from the angle of the concentration of ownership in listed companies. Finally, in light of the actual situation of China's listed companies, brings forward the proposed measures and policies of optimize ownership structure.Combining theoretical analysis and empirical research, it shows that: in order to truly improve the operating performance of listed companies and the achievement of the company's continuing operations, we should increase the proportion of current A stock, reduce state-owned shares in moderation, increase the ratio of senior management owning stock and import more independent corporate investors, need more practice and time for test, and also need to improve the relevant laws , regulations, system and increase support for the capital market.