Research On Non-finance Enterprise Groups And Corporate Governance

With the development of the economic globalization, the Enterprise Groupshave become more and more important in the world, especially in Asian. They havegreat meaning of promoting the domestic economy. The Corporate Governance ofEnterprise Groups has also become one of the most important aspects in academy,and Non-finance Enterprise Groups has particularly become the academic hotspot.Entity economy is the basis of economic development of a country. Nowadays, thecases exist that a large number of controller of Private Enterprise Groups, whichbelongs to Non-finance Enterprise Groups, embezzle the possession of subsidiarycompany(especially own security). Irregular correlative traction infringe the benefitsof shareholder who posses small proportion of stock and creditor, which also breakthe normal the market mechanism and rule of socialism economic market. And it isunsustainable. So the research on the corporate governance of Non-financeenterprise in our country has realistic meaning either in academic or in practice.There are four parts in this thesis. The first is exordium. We take the great partto introduce the research of Non-finance Enterprise Groups all over the world,demonstrate the research of Corporate Governance and Non-finance EnterpriseGroups and explain the significance of research of Corporate Governance andNon-finance Enterprise Groups. The second part Taking Fosun Enterprise Groups、DeLong Enterprise Groups、 Baosteel Enterprise Groups、 DongFeng MotorEnterprise Groups and10business real estate listed companies from Main Board ofShenzhen and Shanghai Stock Exchange as examples, illustrates the differencesamong Non-finance Enterprise Groups, Finance Enterprise Groups and ListedCompanies of Non-Enterprise Groups, compares the distinction between PrivateEnterprise Groups and State-owned Enterprise Groups, relates the most seriousproblem in the Private Enterprise Groups is irregular correlative traction whichinfringe the benefits of shareholder and creditor. The third, base on analyzing ofparticularity of Non-finance Enterprise Groups and the reality of Non-finance Enterprise Groups governance. We can come to a conclusion that the particularity ofNon-finance Enterprise Groups governance and the problems it confronts. And wefound the most serious problem is high concentration of stock equity, which causethe problem that inner or outer governance of enterprise is under powerful control ofthe dominated stockholder. Base on the three parts before, by combining the theoriesand analyses of cases, the forth part provide with satisfactory suggestions ongovernance of Non-finance Enterprise Groups. Primarily, it must have been donethat perfect inner governance of the group, set up inner relationship of companiesbelong to group based on capital, improve the cooperative work between companies,strength the protect of the benefit of shareholder and creditor, and strength thegovernmental securitization of enterprises and so on.There are several innovations in this thesis, as followed: First, Theories must beused in practice. By comparing Fosun Enterprise Groups、DeLong Enterprise Groupsand others corporation organization, we can sum up particularities of Non-financeEnterprise Groups. Finally, we build up the frame of research on systematiccorporate governance of Non-finance enterprise groups, and expound it by themethods of comparison, demonstration, document analyzing.