Research on Corporate Governance Structure

Author: Wang Wenqin
Publisher:
Publish Date: 2005-01-01
Features: In the face of the current globalized reality, which is often referred to as "Americanization," when Americans are debating whether to export corporate governance models along with McDonald's and Coca-Cola, how can we scientifically and rationally construct China's corporate governance structure based on local needs? The author of this book points out that China's corporate governance faces two fundamental issues: one is the public nature of the company, and the other is the inherent agency problem of modern corporations. The author believes that, starting from these two issues, the construction of China's corporate governance system should be guided by the theory of contemporary corporate law contracts and the traditional theory of corporate law realism. It should adhere to the value concept of contractual shareholder maximization and corporate objectives, improve the constraints on shareholder participation in corporate governance, and refine the systems of the board of directors and the supervisory board. In particular, the function of independent directors should be repositioned, and the supervisory board's supervisory function should be strengthened to avoid conflicts of interest between independent directors and the supervisory board.