중국 상장회사지배구조 개선현황과 통합상장이 지배구조 개선에 미친 영향 분석

Current Status of Corporate Governance Improvement of Chinese Listed Companies and the Analysis of Effect of Integrated Listing on Corporate Governance Improvement Choi, Eun-Young It is appraised that a rapid change of business environment which Chinese listed companies farces enforcement of reform of share splitting in 2005 and enforcement of a new <Corporate Law> and <Securities Act> in 2006 has an affirmative effect on improvement of corporate governance structure. However, it seems to be not competent enough to do away with the structure "An excessive concentration of non-tradable shares"which is the source of corporate governance of Chinese listed companies. Actually an excessive concentration of non-tradable shares originates in the splitted listing made progress by historical limits at the beginning of construction of Chinese stock market. Therefore, the thesis showed that it was a fundamental solution for corporate governance improvement of Chinese listed companies to do away with an ownership-exclusive structure of listed companies with non-tradable shares. In these sides, it seems that recently "Integrated Listing" in the capital market has an affirmative effect on overcoming an abuse of splitted listing and improving a governance structure of splitted listing. However, it seems that it is difficult to effect a fundamental settlement of problems of splitted listing since a recent integrated listing is a main industry integrated listing, not a corporate integrated listing. Therefore, it needs to make a continuous progress of corporate governance improvement through diversification of ownership and construction of external governance structure.