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ging staff appoint -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- The entrepreneur The workers -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- market -------------------------------------------------------------------------------- external governance internal governance -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- supervision the potential of takeover -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Source: Li Weian, "Corporate Governance in the Transition to Market Economy in China," Hitotsubashi Forum, No. 5, Vol.117, May 1997. (Japanese) Figure 1 Market-oriented governance pattern Characteristics of corporate governance systems. Integrity: Corporate governance system is a whole. The interaction, communication, coordination, cooperation, and mutual function among the governance parties are the foundation to realize the goal of the corporate governance systems and to guarantee the interests of the stakeholders and the development of the company. That is why we study CG as a system and treat it as a whole. Dynamics: The fluidity and being changeable are the characters of the parties involved in corporate governance. The shareholders, the other stakeholders and all the other internal factors of corporate governance system are changeable. The fluidity and dynamics bring the CGS much more efficiency. For example, the shareholders can take part in CG by the way of “voting with their feet”, which can be described and measured by the stability of the shareholders. The degree of the stability of parties involved in CGS reflects the dynamics of the CGS. Openness: CGS is an open system. The CGS keeps exchanging material (subjects and objects of CGS), energy (the ability of development of firms) and information (information for decision monitoring and evaluation) to maintain the livingness of the company. For example, the CGS can adjust the internal structure by communicating with the capital market, the managers’ market and the product and service market. Thus the company can engage suitable managers to improve the administrative ability of the firm and gain high efficiency of CG. Complexity: The parties involved in CGS have their own characters and objectives as well as common interests, and there are complex relations among them. The complicated relationship among the parties includes principal-agent relationship between shareholders and the board of directors, the engaging and being engaged relations between the board and managers and the interests balance relationship among the stakeholders etc. The difference of decision-making models, decision-making abilities and decision-making styles of the stakeholders makes the CGS more complex. The CGS can be looked as a network organization in a game. It is the same thing in the board of directors, which can be described as a network organization in a cooperative game model. It is the same situation in the oth本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。