Research On The Reform Of G Company’s Governance Structure And Its Effectiveness Evaluation

China’s construction industry has grown rapidly in tandem with the development of the social economy.However,as competition in the construction industry is becoming more intense,the competitive pressure on construction enterprises is increasing,and the motive force of state-owned construction enterprises’ reform is also becoming sufficient.State-owned enterprises are constantly adjusting their governance structures to adapt to the new situation.G Company,a state-owned construction enterprise,is not only a domestic construction industry representative but also the pioneer in the three-year reform of state-owned enterprises.Its corporate governance reform initiatives and outcomes have attracted much attention.Therefore,in order to provide empirical support and a point of reference for the reform of state-owned firms,this study selects G Company as the research object,carefully examines its corporate governance measures,and assesses its performance.This study compiles and organizes pertinent domestic and international literature on the topics of corporate governance structure theory and corporate governance reform of state-owned businesses in accordance with the peculiarities of China’s state-owned enterprises.First,the fundamental theories of corporate governance,principal-agent,property rights,and incentives are analyzed to provide theoretical guidance for the case study.The primary issues were then identified through a thorough analysis of the current state of Company G’s corporate governance structure,including an unreasonable shareholding structure,an uncoordinated relationship between“new and old three committees”,a limited role for supervisory bodies,and a lack of efficient employee incentive and restraint mechanisms,and the causes of the aforementioned issues were then examined.Also,it analyzes the reform measures of G Company’s corporate governance from the following three aspects:(1)Optimizing the governance structure,including optimizing and restructuring the institutions,standardizing the organizational structure,rationalizing the relationship between“new and old three committees” and establishing a sound organizational management system;(2)strengthening the role of supervision mechanisms,including enhancing the role of audit supervision,promoting the financial management system,enhancing the ability to carry out contracts and perform innovation,and enhancing the ability of science and technology management;(3)strengthening the construction of incentive and assessment mechanisms,including rationally allocating human resources,improving the assessment mechanism,and optimizing the salary management system.Safeguard measures shall be established from three dimensions:strengthening the implementation of responsibilities by leaders,comprehensively mobilizing and strengthening publicity,and opening channels for regular supervision.Finally,the effectiveness of G Company’s governance structure reform is evaluated,mainly from the questionnaire survey and short-term financial performance analysis.The results show that the corporate governance structure of G Company has been improved,the management and control process has been optimized,the employee incentive effect has been improved,the business performance has been improved,and the ability to maintain and increase the value of state-owned assets has been improved.It can be seen that the reform of governance structure cannot be achieved overnight,and it needs to be deepened continuously to help enterprises improve their value.