Research On How To Influence The Public Company Of Corporate Governance Efficiency By Transformation Of Share Construction

Since beginning of the second half of 2005, The reform of Original Sin on China stock market is spreading with a bang. Original Sin means the construction of share separation of 17 years, and it does not only twist the formative mechanisms on price at China stock market, but also restrain the capital market health development. For the more, it disturbs seriously the corporate governance efficiency of listed company. In other words, If Original Sin can not be solved, it is impossible to promote corporate governance efficiency and corporate value. Consequently, following the reconstruction reform of share separation; all of people pay attention to the relationship between the share construction and the corporate governance efficiency unconsciously.In previous research on share construction and corporate governance efficiency, the share ratio and share quality were mainly concentrated as variable. Although most of researchers use the positivism to collect data and set up the mathematical model, different researcher gets different conclusion. The reason for this is that the traditional corporate theory looks share structure as the external variable which influence the list companies through the relationship between the share structure and the corporate governance as a conclusion that the change of share structure and share ratio results in managers conduct changing. Therefore, It do not only cut off the internal relationship between the share construction and the corporate governance, but also can not discover the significance on the reconstruction reform of share separate for perfecting and improving the corporate governance efficiency.This paper synthesizes the international and domestic achievements on share construction and corporate governance efficiency, and looks the listed companies of transformation of share construction in 2005 as objects for the positivism research on the listed company of corporate governance efficiency through analyzing and accounting the data of equity structure based on DEA method. Consequently, the author proposes that the transformation of share structure does not only intensify the internal relationship between share construction and corporate governance efficiency, but also emphasize as the dynamic quality of corporate governance, it means an opportunity and not a consequence for perfecting and improving the corporate governance efficiency.