lead: good corporate governance on the one hand can reduce agency cost, on the other hand, it helps to protect the interests of investors especially small and medium-sized shareholders.
corporate governance is the basic factor that determines whether the enterprise can be healthy and sustainable development. Good corporate governance on the one hand can reduce agency costs, on the other hand, but also help protect the interests of shareholders, especially small and medium investors. In the past 20 years, has made some progress in corporate governance Chinese enterprises, but with the rapid development of enterprise needs, corporate governance is still restricted China company grew into one of the constraints of world-class enterprise. Therefore, it is necessary to evaluate the governance of Listed Companies in China, and sum up the gains and losses.
China Academy of Social Sciences Institute of world economics and politics and Governance Research Center "entrepreneur" magazine jointly launched the SME board and gem corporate governance evaluation list aims to systematically evaluate the two listed company governance, mining enterprises with good growth of corporate governance gene governance and best practices, and provides reference for the improvement of corporate governance of small and medium sized enterprises.
in the development of corporate governance evaluation standards, we mainly refer to the organization for economic cooperation and development "principles of corporate governance" (2004), according to the China "company law", "Securities Law" and relevant laws and regulations of corporate governance corporate governance evaluation framework. In the evaluation method, mainly using the compilation method of "international" weight index, from the ownership structure and the rights of shareholders, board of directors and board of supervisors in four aspects: incentive operation, information disclosure and compliance and compensation, the use of 20 evaluation index system of assessment on water flat governance of listed companies.
evaluation is based on the information source is the evaluation of the listed companies of all formal and public information, including the company’s annual report, the company’s articles of association, exchange website, company website, company announcements and other open database etc.. Data acquisition time as of July 31, 2014, of which the annual report from the 2013 annual report of listed companies. The evaluation object is the small board and gem formally in January 1, 2013 of the listed companies. 2014 a total of 1056 Sample Firms in, an increase of more than 2013.
2014 evaluation results showed the following characteristics:
corporate governance overall level is not high
small board, GEM listed companies to private enterprises, accounting for about 90% of the total sample. The average score of all 1056 Sample Firms was 51.69 points, the highest score of 75 points, the lowest score of 27 points. The results show that the small and medium-sized private listed companies governance level is low, the difference is very obvious. If you pass 60 points