Research On The Influence Of Check-and-Balance Ownership Structure On Board Governance In State-Owned Enterprise

After years of reform,many listed companies have become mixed ownership enterprises and their operation mechanism is changing to market-oriented.However,the problem of corporate governance of these state-owned enterprises is far from being solved.The equity structure of state-owned enterprises tends to be more diversified.Only effective check-and-balance ownership structure and flexible market-oriented operation mechanism can truly help to release enterprise vitality.After forming check-and-balance ownership structure,state-owned shareholders' management ideas and strategy orientation are different from second largest shareholders'.At this point,will the relationship and interaction between strong shareholders influence board governance? How does it work? This paper will study check-and-balance ownership structure and board governance in the way of case study,aiming at providing some suggestions for mixed ownership reform in state-owned enterprises.Firstly,based on summarizing relevant study and theories,this paper constructs a logical framework of �Motivation-Path-Result'.Secondly,the paper chooses Zoomlion Heavy Industry Science and Technology Co.,ltd.to study,discusses its non-state-owned shareholders' balance motivation and path and analyses its board governance situation.Finally,the paper gives some advice.The paper comes to following conclusions.Firstly,the motivation of non-state-owned shareholders is influenced by cash flow right,nature of equity and stock share.The check-and-balance path includes uniting other shareholders,fighting for a seat on the board,and using relevant laws and public opinions.Secondly,a diversified check-and-balance ownership structure could help to optimize the structure of the board,enrich the board's capital and improve the behavior of the board of directors.Thirdly,non-state-owned shareholders will supervise the selection of independent directors and recommend well-educated candidates with advanced management experience.The paper demonstrates how the check-and-balance ownership structure influence board governance in state-owned enterprises,proposes some suggestions and help state-owned enterprises to deepen the reform.