The Positive Analysis of Listed Company's Corporate Governance and Stock Rights Structure in China

In modern enterprises, because of separation of ownership from management, agency relation between the shareholder and managers comes into exist. Therefore. the ownership structure derives from the capital structure. As a basis of corporate governance, stock rights structure not only allocates internal power, but also affects the operation of market for corporate control. However, from the perspective of theoretical analysis of both corporate (governance and stock right Structure, our listed companies have exposed imperfect and inefficient corporate governance. Cross-sectional data are utilized in the paper to analyze the current condition from the perspective of stock right structure with ROE to show the governance efficiency. Regression analyses are also applied to show the positive analysis on the governance efficiency and discover the factors which may hinder the improvement of governance efficiency. Meanwhile, this paper put forward with feasible advices on how to optimize the stock right structure of listed companies and improve the governance structure.