Control Power Market, the Board Governance and Corporate Value—Analysis based on the case of listed companies

摘要

in this paper, the author use the China Minsheng Bank (CMB) and China Yangtze Power (CYP) as the case, to probe the relationship between control power, board governance and corporate value. Study found, on the condition of state-owned controlling shareholder “dominated by one shareholder”, a major shareholder control has formed in the listed company, the efficiency of the board was reduced, the corporate value was damaged. The shareholding structure which private shareholder and top ten shareholder have balanced shares can help external control power market to play its role, improving the board governance efficiency and increasing corporate value. The paper also probes how control power market, board governance and corporate value affect each other. On the condition of market failure, supervisor plays the regulating role. So, the policy recommends reducing the controlling degree of company, improving the efficiency of board governance and completing the regulatory systems.