Research On Internal Governance Of RHT Company

By the end of 2017,the number of listed enterprises in the national small and medium-sized enterprise share transfer system(commonly known as the "new three boards")had reached 11,630,with a total market value of 4,9404.56 billion yuan.The surge in quantity has not brought about a leap in quality.Investors' attention is not high.Nearly half of the listed companies have not traded for a year.The new third board market is confused with development.The key to break through the current predicament of the new third board should be to optimize the internal governance of listed enterprises and improve the quality of listed enterprises.This paper draws lessons from the research results of domestic and foreign scholars on corporate governance issues,through the analysis of the status quo of internal governance of RHT company,summarizes the problems of formalization of shareholders' meeting,weakening of the decision-making power of the board of directors,lack of initiative in the performance of the board of supervisors and lack of modern scientific management concepts.Then,through qualitative analysis,the main causes of its internal governance problems are the excessive concentration of equity,unreasonable structure of the board of directors,inadequate conditions for the performance of the board of supervisors,and the concurrent appointment of the general manager by the chairman of the board of directors,which affects the scientific and professional aspects of business management.The fundamental reason lies in the actual proportion of controlling shareholders.Too high and single dominant.Through the analysis of the problems and causes found in the internal governance of the company,this paper further proposes to reduce the actual controlling shareholding ratio by decentralizing the ownership structure,increase the number of institutional investors' shareholders' board of directors and standardize the operation of the board of directors,adjust the composition of the board of supervisors in order to strengthen the supervisory function of the board of supervisors,and the chairman of the board of directors is no longer concurrent The general manager and the professional manager as the company management optimization plan.And from the perfection of the system,securities firms supervision,institutional investors supervision and information disclosure four aspects of the implementation of the optimized program to ensure measures.Through the study of this paper,we give the RHT company's internal governance optimization program,which is helpful to improve the level of internal governance and the value of investment in the capital market.At the same time,this study also provides a reference for other new three-board listed companies to solve internal governance problems.