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The Financing Structure and the the of China's Governance of Listed Companies the analysis of of structure relations

Author: XieXiaoFang From: www.yourpaper.net Posted: 2009-05-26 09:40:18 Read:
[Abstract] The author believes that the the financing structure is to affect the the the the most important one aspect of the of of the corporate governance structure, the the validity of of the corporate governance structure in the the depends largely on the the financing of structure of the company. While the financing the imperfect structure of precisely lead to low-and their performance fundamental of the China 's Governance of Listed Companies mechanism one of the reasons. In this paper, from the the perspective of of the financing structure the departure, analysis of the improve the of the problem of the of Governance of Listed Companies in China structure efficiency and so on aspects of the.
[Key words] financing structure; corporate governance structure; analysis; The proposed

First, the. The the analysis of of the listed on the our country of corporate governance structure

(A) the the connotation of of the governance structure
Corporate governance includes a considerable number of structure is the the most important architecture in the in the the system of modern enterprise,, modern enterprise system distinguish it from the the fundamental of the traditional enterprise point lies in the the the separation of of the ownership and management rights, so as to need to in the the is formed between the the owners and operators a kind of mutual the the mechanism of of checks and balances, with the. in order to on the the enterprise to carried out the management and control. The corporate governance structure in the the modern enterprise is It is such an co-ordination the the a mechanism of the the relationship between of the to shareholders and other the interests of-related of those who, its core lies in the enterprise to through the the the performance of the the supervision over power managers, to ensure the rights of the the-related the main body of of the shareholders and other the interests of, it involves the incentive with the the the wide range of content of the constraints, etc.. In simple to say that the the corporate governance structure is to deal with the the the kind of system of of the enterprises of various contractual relationship.
The the status quo
of the (b) of China's corporate governance structure
The vast majority of China's listed companies by the of state-owned enterprises restructured from the, usually take the the divest non-core assets in the the of state-owned enterprises the implementation of the when the the transformation of the demutualization, as the sole promoter in order to the the original state-owned wholly-owned enterprises, the formation of the stock company, carried out the way to of the starting the public offering, the State listed on the In most The equity interest in of the owns in the Company a highly centralized. The the resulting the problems brought about is: The equity interest in is too concentrated, the is not conducive to the manager layer in the the to accept to a greater within the scope of the any restraints or social the the supervision of the the Shareholders as a of the public and may be subject, even if the the the the operating efficiency of of the existing of the Board of Directors and managers personnel is is low,-effective enough, to social the public also difficult to through the "with their feet" the voting as a means eliminating the need on-the-job high-rise management personnel, and there are the interests of the that may protect the minority shareholder is damaged. In the the case of of equity interest in highly concentrated in the the state-owned shares, the although the Government has only to the extent on where the assets are the identity of the owners of to participate in the operation and management of enterprises, but the Government in the the the when the this powers of the shareholders to are exercised,, often with a a strong the administrative color, are often is to intervene directly in the enterprise operation and management, gone beyond the the the commissioned by between the the agency relationship in the the the government and enterprises on the the general sense of the, leading to enterprise the target the politicization of, so that the the the between government and enterprises separation is is difficult to truly realize the, and thus constraint the the conversion of of the operational mechanisms of enterprises, tend to make the the newly created of the shares Company the soup does not changer of the conversion drugs, can not be achieved the the conversion of of the enterprise operation mechanism. The same time, due to the shareholders' the main body of State-owned shares is is not clear, the lack of the state-owned capital value-added driving force and the the the mechanism of of the Supervision and manager layer of, it is will to caused by the internal people of the listed companies control; exists between the in unclear the relationship between for the property rights in the the Listing between the Company and the Group Company and or parent company, the will not ring true of management relations ; resulting in largest shareholder of and listed companies in the personnel, assets, financial on the long-term, regardless of home, the prevalence of related party transactions; largest shareholder of manipulate the all the affairs of of the company, of Restriction Relationship between can not be the formation of and and so on on series of problems.

Second, the financing structure of the the Listing Company of the our country analysis of

(A) modern financing structure theory Overview
The corporate finance is the of Modern Enterprise Operation an important content of of the decision-making. A given investment opportunities, modes of financing of the enterprises of available-for-select the there are two main: equity financing and debt financing. Of the different arrangements of the capital structure on the the has a direct impact on the the market value of of the enterprise. From the the capital structure theory of the the early days of of the, the M-M Theorem and its amendments theory, trade-off theory, to the Meyers Level the theory of (Optimum Order) financing, are In this regard carried out a wide range of explored, formed a complete enterprise Pecking Order the theoretical. Its the central idea of ??to you and that are: 1. Preferences internal financing; 2. In the If you need to of external financing, then the on debt financing with Preference Information. Is about to retained surpluses as and debt financing the position of priority to be placed on to. From the a mature securities market of view, the the financing of enterprises Optimum Order mode is The first is the internal financing; followed by is borrowings, the issue of the Bonds, convertible bonds; Finally, there is issue of new shares financing.
(B) the Listing Company of the our country the the characteristics of of the financing structure
1. Asset-liability ratio low level and is a downward trend.
Asset-liability ratio be the most a important indicator of is to reflect the company's financing structure good, In recent years, the China has the of listed companies in the more than half of asset-liability ratio less than 50%. This kind asset-liability ratio comparable distribution of that of other with the domestic non-listed enterprises obviously on the low side. Compared with the the the listed companies of of the of the mature international capital market, also appears the low side. In addition, the the the asset-liability ratio of the the Listing the company's With the the development of of the China's capital market showed a constantly a downward trend in.
2. Preference for equity financing.
The the relevant data of the of China's securities market financing show that the, the the Listing Company of the our country significantly on the the equity financing more preferences, the performance of for the focused of external financing, external financing but also on equity interest in financing with Preference Information. In the the the developed countries capital on the market the proportion of debt financing of the, the company's want to is greater than the the proportion of equity financing.
3.. The shareholding structure of the is unreasonable (in Chinese), state-owned shares the phenomenon of "one dominating stock".
State-owned equity is too concentrated. In the of China's listed companies in the the shareholding structure of the of, the to state-owned shares the (state shares and state-owned legal person shares) occupies a be quite large the proportion of. From the the to equity identity of the holder of angle of view the Listing of Securities on the Stock Exchange, China's Listing shareholding structure of the of the Company presents the the the characteristics of of excessive concentration of and to a excessive of diversified. The one hand, the state-owned shares accounted for more than 60%, becoming the the dimension of both a centralized and relatively fixed equity interest in; on the other hand, circulation the of institutional investors in in the Shares the proportion of is very small, the main is is quite fragmented of the individual investors, but also changing hands frequent.

Third, the the financing structure on the the the impact of

(A) Governance of Listed Companies structural efficiency the the analysis of of low
1. State-owned shares accounted for the an absolute controlling position, and the "the the absence of owners" is the the the root cause of of the governance structure and governance of the the Listing Company of the our country inefficient.
The Listing Company of the our country the vast majority of is carried out by the state-owned enterprises the joint-stock transformation from the, fuzzy property rights, funders on behalf of be is not clear, is still followed the the of the planned economy control mode, The centralized equity interest in reinforced a the original of the the lack of separation between government administration and business management. Directly by the the outside the enterprise, the Government to enter the enterprise internal, so that the real to to for the the assigned the Board of Directors of the the Government by virtue of the the status of the shareholders become the the the the organ of authority on top of the in the the a-prevail over Shareholders' of the General Assembly.
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