Ownership Structure In Corporate Governance Problems

With the development of market economy in China, the capital market is more and more perfect than before, which contributes to economy and social advancement in China. But we have to acknowledge because of history, system and so on, there are some serious problems in capital market, such as unreasonable ownership structure of listed companies, insider control, and manipulation earnings etc. Among these problems, incomplete corporate governance and unreasonable ownership structure of listed companies are the most serious ones and harmful to the economy of our country of which the leaders have thought. So the author concentrates on ownership structure of listed companies and corporate governance in order to resolve above problems.Many scholars have researched corporate governance, but so few have researched it in terms of corporate governance. In order to ameliorate corporate governance in listed companies, we must optimize ownership structure of listed companies firstly, which decides how to distribute rights in interest group. So in the dissertation the author analyzes ownership structure of listed companies in terms of corporate governance so that we can prosper our capital market.The dissertation probes into the method of optimizing the ownership structure. Specially, the author dwells on reducing the proportion of the state shares and carrying on equity options, which is key to resolve our problems in corporate governance.The dissertation is composed of an introduction and five chapters.Chapter One: About corporate governance This chapter discusses the reasons of the generation of corporate governance and its definition. With the development of corporations, its ownership and operating right are separated, insider control and free rider can be see here and there, which lead to the generation of corporategovernance, which can resolve the problem of how to distribute rights, interest and duty in interest group. Then the theories of principal-agent support corporate governance theory. Later, the definition of corporate governance is discussed in this chapter. Because that if we adopt its conception in broad sense, the interest of party at interest can be considered, the author adopts it in this dissertation.Chapter Two: theories on ownership structure of listed companiesIn this chapter, the author expounds theories on ownership structure of listed companies, relationship between ownership structure and corporate governance, relationship between ownership structure of listed companies and operating performance, which supply theories for the whole dissertation. Firstly, the author dwells on the definition and classification of ownership structure of listed companies. Then the relationship between ownership structure and corporate governance is discussed. Later the author analyzes when the ownership structure of listed companies are different, supervising system and stimulating system are different . At last she summarizes researches on ownership structure of listed companies and operating performance.Chapter Three: the actuality, characters, shortcoming of ownership structure in listed companies The characters of listed companies are as follows: the proportion of non-negotiable stock is too small, the proportion of the state shares is too big, ownership structure is too concentrated, the stocks hold by institutional investors and managers are too few. Then the author analyzes the shortcomings of them in terms of corporate governance, such as they induce free rider, insider control, ignoring the voice and right of minority holders, on job consuming etc. So the author puts forward that we should reduce the proportion of the state shares, carry out equity options, and raise the proportion of the institutional investors to optimize the ownership structure of listed companies and improve corporategovernance in listed companies.Chapter Four: special topic on how to optimize ownership structure of listed companies: reducing the proportion of the state sharesThe chapter d...