| Establishing normative and effective corporate governance is the key to building the really modern enterprise system of the trust company, and it is also the foundation of the trust company's development. The essential particularity of trust companies is caused by the multiple principal-agency relationships, including the principal-agency relationship between shareholders and managers and the one between managers and the principal who offered the trust property. The particularity determines special interests-oriented of corporate governance mechanisms. Therefore, this is of great theory and practice importance to know the corporate governance situation and improve the corporate governance structure of trust company in China.Considering the operating performance is a comprehensive expression, this thesis builds evaluation indexes of trust company performance and trust property operating performance. Then this thesis proposes several theoretical hypotheses on the aspects of ownership structure and the director board, and verified these hypotheses by establish multiple linear regression model. The empirical study shows that there is a positive relation between ownership restriction, scale of director board, the independence of board of directors and trust company performance. But ownership concentration is not obviously correlative to the operating performance of trust property. In addition, the relation between ownership structure,the director board and the performance of operating trust property is not clear. It means that internal management mechanisms are ineffective to improve the performance of operating trust property.Based on results of the empirical study, this thesis suggests that non-state strategic investors should be introduced into trust companies for checks and balances mechanism; board of directors should contain external directors on behalf of clients, as a way to protect the interests of clients. |
PDF Full Text Request