Corporate Governance Of Listed Companies And Control Right Arrangement Of Managers

The corporate governance is an emerging research field. Its structure may be associated with many different fields, but the kernel part is the allocation of residual claim and control right between stockholders and managers. The research literatures of corporate governance indicate that the human capital has irreplaceable function in the corporate governance. Nowadays, in developed countries, the corporate governance mode has changed and assimilated, it shows that the primary function can be expressed as allocation of the control rights in the structure of modern corporate governance.Currently, the mode of Chinese corporate governance is based on the shareholder sovereignty. For the reasons are the internal control mechanism scarce and the external control system imperfect, it produced the insider control problem. Under the influence of special environment, the reform for Chinese corporate governance, is to build a common structure which focus on the enterprisers.