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From a sociological perspective perspective of corporate governance in the transition economies of China

Author: LiaoHuiZuo From: www.yourpaper.net Posted: 2009-11-03 03:04:24 Read:
Abstract: In recent years, the part of foreign economists began to recognize that only with economic variables to study corporate governance has its limitations, corporate governance became a new topic of sociological research, and achieved certain results. Currently, the corporate governance in our country has not become a sociological research topics.
Keywords: corporate governance; sociology; shareholding structure

First, China's state-owned enterprise reform and corporate governance History

Corporate governance to resolve the contradictions between the three relations: the agency relationship between shareholders and managers; agency relationship between the major shareholders and other shareholders; major shareholders and the operators and other stakeholders who relationship between (including employees, creditors, suppliers, consumers). The reform of state-owned enterprises in China can be traced back to 1956, 1956 to 1978, the main measures of the state-owned enterprise reform is a "devolution of power", but did not change the basic framework of the state-owned enterprise system, and thus does not solve the fundamental problem of state-owned enterprises. Ten-fourth of the Third Plenary Session will establish a modern enterprise system as the direction of the reform of state-owned enterprises, which marks the reform of state-owned enterprises into the system innovation, supporting a new stage of reform. Meanwhile, the National People's Congress promulgated the "Company Law", marks the state-owned enterprise restructuring the company has officially entered the stage of the legal system. In 1996, the establishment of a modern enterprise system pilot enterprises throughout the country, up to 2 343. By 2000, the vast majority of most large and medium-sized state-owned backbone enterprises to implement a corporate reform, initially established a modern enterprise system.
However, on the corporate governance of our country there are still many problems: First, the ownership structure is irrational, there is one exclusive, due to the dominance of "internal control, the controlling shareholder of minority shareholders interests against the increasingly serious. According to statistics, as of the end of 2000, the Shanghai and Shenzhen 088 listed companies, 950 more than the original state-owned enterprises will have part or all of the assets listed on the formation of the formation, accounting for 95% of the total number of listed companies; second is the related party transactions resulting in a serious loss of state assets. According to the annual report released in 1018 A-share listed companies in Shanghai and Shenzhen in recent years, statistics from related departments, 943 of the behavior of various types of related party transactions, accounting for 93.2% of the total number of samples. According to the Shanghai Securities News reported on March 22, 2002, a group of the capital occupied by large shareholders and related parties are disclosed in accordance with the requirements of the regulatory authorities, in the disclosure of more than 70 listed companies there are major shareholders and related parties of company funds , these companies accounted for funds of up to $ 29 billion per home is occupied amounting to more than 400 million yuan, of which more than one billion yuan and 9 occupied; Third Board flawed, independent directors are not independent. Since 2001, the China Securities Regulatory Commission requires listed companies with independent directors, the vast majority of China's listed companies have introduced a system of independent directors. Independent directors, however, does not really play its due role, according to statistics, 15% of independent directors, where the listed company does not fulfill the SFC discussion on the significant related party transactions before it is submitted to the Board should be independent directors recognized the relevant provisions; 15% of independent directors said that their views need to be disclosed, the listed companies are not to be disclosed in accordance with the provisions; 15% independent directors, where listed companies exist refuse, obstruct, conceal, or to interfere with the exercise behavior the case; 35% of the independent directors, did not enjoy the equal right to know with the other directors, can not get enough support independent opinion, to make an independent judgment of information.

Foreign sociological research on corporate governance theory VS domestic corporate governance theory of economics research

(A) The Board of Directors
Economic sociologist Mark Granovetter in 1985 criticized the classical and neo-classical economics is not fully over-socialization of social as well as contemporary economics point of view that are cut off contact of economic behavior and social relations, is proposed view of the social embeddedness of economic behavior, namely the economic behavior of the actors is embedded in concrete, ongoing systems of social relations.Έ₯ΐΧΈρΛΉΜΉ (Fligstein, N.) also pointed out that companies do not exist in isolation, but embedded by other organizations inside the main buyers, suppliers, competitors and agents organization field, which must therefore be to include the impact of the organization field is also inlaid accommodate the legal system, cultural system, the state society. At the same time, social network analysis methods applied to the social embeddedness theory of micro-level corporate governance research. Gerald the ‘€ F. Davis the (Gerald F.Davis) and, ‘€ R. greve (Henrich R.Greve), Heng Ruike compare corporate governance reforms that the choice of the program and the rate of spread, corporate decision makers The embedded network structure determines the rate of spread of the reform program, and the point of view of corporate governance approach ultimately prevailed.
Domestic research on the Board focused on the structure and functions of the board of directors level, such as Zhang Kaiping (1998) studied the various committees of the Board of Directors, and affirmed the importance of the presence of the China Committee of the Board; Li Dongming, Deng Shiqiang (1999) on China The structure and functions of the board of directors of listed companies made the statistical analysis.
(B) the shareholding structure
When the research began in the shareholding structure in the modern enterprise Marx, Marx's "Das Kapital," the four perspectives: First, when private capital can not support the production as well as the expanding enterprise, personal capital will unite and social capital form; enterprises become distinguished from private cause of social undertakings; capitalists functions replaced by managers; Fourth, the owner of capital ownership. Maurice Zeitlin (Maurice Zeitlin) development of Marx, he believes that the ownership and control of the company should not focus only on the corporate managers and shareholders, but also need to focus on other business managers and major diversity Contact shareholders, control rights should not be solely on the proportion of shares as a single set of standards, because the same proportion as the shares have different effects, so should also consider the specific relationship between the specific structure of ownership and the associated enterprise. Of David ‘€ L. Kang (David L. Kang) and Agee ‘€ B. Sorensen (Aage B. Sorensen) refuted the views of the agency said, and the class analysis based on different types of shareholders and shareholding structure of relations of the company governance different impact point of view. They pointed out that there are a variety of equity structure of relations and shareholders is not homogeneous due to the possibility of different objectives, and goals are different, the influence of shareholders on corporate governance is not only decided in the proportion of equity shareholders by formal authority, social influence, and expertise to influence corporate governance. In addition, you must also consider the company's industry background and the competitive environment. So, in fact, does not have the best relationship between equity structure, not all equity structure of relations are valid.
Domestic equity structure is still relatively lacking Kong Yongxiang proposed a new hypothesis of the ownership structure and corporate governance. The ownership structure is divided into three types: a high concentration of equity, equity highly fragmented, and the company has a the relative controlling shareholder and other large shareholders. He analyzes the the three shareholding structure of the company incentives, the impact of mergers and acquisitions, proxy contest, oversight mechanisms four governance mechanisms, obtained relative controlling shareholder, but also has other major shareholders equity structure most conducive to corporate governance . (C) the corporate governance of other sociological theories
Symbolic behavior. The James D. Sylvester Fil (James D. Westphal) and Edward (Edward J. Zajac), ‘€ J. Zha Jieke that the CEO did not get the actual implementation of the long-term incentive plan for three reasons: First, the influence of the CEO, This is the political factors; company's operating condition; institutionalized factors. By the plan early adopters and late adopters, late adopters will symbolically adopt the plan in order to meet the requirements and to obtain the status of legitimacy institutionalized, they found.
2. System said.Έ₯ΐΧΈρΛΉΜΉ (Fligstein, N) pointed out that the phenomenon of the convergence of the organizational field, inside the organization, part of the company using their strategy and organizational structure, organizational venue suitable for other companies will follow, even if these strategy and organizational structure and the acceptance by the shareholders. Once organizations inside some of the company with a new corporate governance, these methods will spread inside the organization, and organizational field ultimately tends identity.
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