Informal Institutions' Influence On The Changes Of Corporate Governance In Japan & Russia And Their Revelations To China

More and more investors and decision-makers of corporations realize that excellent corporate governance is a key to enhance competitive ability & improve performance of corporations; it's also a micro-base for the protection of share-holders and stake-holders, maintaining the functions of modern market-oriented system. At the same time, related experts also have been paying more & more attention to corporate governance. Their concern was mainly on technique & formal institutions. Such as: law, structure of finance, ownership & arrangement of property rights, the running of directorate, incentive of managers, auditing and accounting etc. These issues are all very important to the perfection of corporate governance, but the research on the influence of informal institutions on corporate governance was wanting.Taking the theory of corporate governance & NIE (new institutional economics) as the theory base, this thesis research on the influence of informal systems on the changes & effectiveness of corporate governance by using a model based on comparative Institutional Analysis. The case studies were mainly on Japan & Russia, during the process, the author reviewed the characteristics on corporate governance & informal systems of the two countries, and particularly made historical & empirical study on how informal institutions influence corporate governance. Because of correlation of data and the difficulties in collecting the related data, the case studies were qualitative.According to the case studies on Japan & Russia, the author found out: informal institutions lead the changes of corporate governance through pathway dependence & Institutional complementation like a pair of invisible hands; the combination of original informal institutions and extrinsic formal institutions would improve the performance of corporate governance in the beginning, but as time goes by, which would become a great obstacle, the effectiveness of corporate governance was strongly affected by informal institution. At the end of this thesis, the author gave some suggestions for the perfection of Chinese corporate governance.