The Research On The Relationship Between Ownership Structure And Corporate Governance Of Private Listed Companies In China

This article is based on Marxist economic theory, the new institutional economics, property rights economics, business theory and financial theory,selects the way of combination of normative and empirical analysis, qualitative analysis and quantitative analysis,compare analysis and synthesis and does research on the relationship between stock equity structure of public companies and corporate governance: first it expounds the basic theories of corporate governance and demonstrates that the inherent logic relationship of property, stock equity structure and corporate governance. And on this basis, analyses the characteristic of stock equity structure and controlling way of private public companies in China and the impact of corporate governance mechanism, explores the key question that private public companies is face on and pointes out the direction of reformation of private public corporate governance; puts forward the institution framework of private corporate governance, then proves the relationship of stock equity structure of the value of company with examples, at last discusses the relationship between the governance mechanisms of private public corporate in China and disclosure of accounting information.the study has found: The stock equity governance and the controlling ways that determine the efficiency of the corporate governance is the important factors. The pyramid control structure of Chinese private public companies makes acts of corporate governance to have more covered, which has increased the difficulty of corporate governance and reduced the efficiency of corporate governance; the core issues of Chinese private public corporate governance is the key substitution between controlling shareholders and small shareholders, in the imperfect legal system and the external lax supervision circumstances , the controlling shareholder will make use of its right of control to seek private gains at the same time being against the interests of small shareholders and reducing the company's value; the highly concentrated ownership structure of Chinese private public companies and deviation from ownership to control is bad to the value of companies, the higher degree of separation between ownership and control, the stronger motive of controlling shareholder to gaining the income of controlling and the greater harm to the interests of its small shareholders; the defects of stock equity structure and corporate governance mechanism of Chinese private public companies affects the quality of accounting information disclosure, reduces the effectiveness of accounting information, which will affect the company's performance finally.