Research On Our Securities Companies' Governance Structure

In recent years, with the healthy and orderly development of our socialist market economy, securities market has developed in a rapid pace. As important participants of the securities market, securities companies have developed continuously, which is of great significance to the development of our capital market and even to the whole national economy. However, in the process of securities market's rapid development, governance defects have appeared in many securities companies, which restrict their further development and more possibly encroach upon the interests of shareholders and the broad masses of investors, weaken the financing function of securities market and then exert an unfavorable influence on our socialist market economy. Therefore, research on perfecting securities companies'governance structure is of great theoretical and practical meaning. This article aims at finding out the problems in our securities companies'governance structure through comparing their governance structure with that of their foreign counterparts with long development history, and putting forward solutions of perfecting governance structure by drawing on mature experiences of foreign securities companies.This article consists of four parts. In the first part, the meaning of company governance and the important of perfecting company governance are elaborated. The second part makes an analysis of our securities companies'developing backgrounds, means and current situation. Major problems in our securities companies'governance are also analyzed here. By adopting a comparative method, the third part describes and comments on the two typical securities companies'governance models in western countries ---- British-American model and German-Japanese model. Based on this, a comparison is made between our securities companies'governance structure and that of western securities companies in the aspects of stock ownership structure, shareholders'meeting, board of directors, supervisory committee, binding and encouraging system on the managerial system. The fourth part puts forward four solutions of perfecting our securities companies'governance structure, which are perfecting external environment construction of securities companies'governance, optimizing securities companies'stock ownership structure, perfecting means of securities companies'internal governance, and especially putting forward the idea of perfecting company governance through enhancing construction of compliance management.