Study on Relativity and Effectiveness of Governance Mechanism on Chinese Listed Companies
中国上市公司各种主体治理机制的相关性和有效性实证研究

We research the relativities of varieties of corporate governance mechanisms, we present the equations of shareholder's governance, board's governance, the stimulation of manager and the bond market, then we make an empirical study by 2SLS. The evidence indicates that there is positive correlation between asset-debt ratio and ownership balance degree, while there are negative correlations between national ownership proportion and independent directors proportion, senior administrators' ownership proportion and asset-debt ratio, the first shareholder's ownership proportion and the pays of senior administrators. The correlations have influences on the effectiveness of single governance mechanism.