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(1. 300071 F A 1 [1] [2] - [3] [4] [5] 1950 1952 1998 [6] [7] [8] ISS CGQ [9] GMI [10] Brunswick Warburg [11] [12] [13] (2003) [14]-[15] JCGIndex [16] G [17] [18] 1

ISS CGQ GMI GMICGQ GMICGQ CGS GMI 5400 [21] (CCGI NK )(JCGIndex) GMI ISS [22] Japan Corporate Governance Research Institute JCGR JCGR JCGIndex G (CCGI NK ) 24 2003 2004 ( ) (CCGI NK ) 100 0 2

CCGI NK 90-100CCGI NK 80-90CCGI NK 70-80 CCGI NK 60-70CCGI NK 50-60CCGI NK 50 () ( CCGI ) NK SH ( CCGI ) NK BOD NK BOS ( CCGI ) ( ( CCGI ) NK TOP CCGI ) NK ID ( CCGI ) NK STH 2 21 3

34 2.65 21 1.64 733 57.18 52 4.06 56 4.37 2 0.16 26 2.03 142 11.08 42 3.28 118 9.20 197 15.37 83 6.47 15 1.17 56 4.37 25 1.95 55 4.29 81 6.32 89 6.94 10 0.78 51 3.98 37 2.89 10 0.78 80 6.24 1282 100 914 71.29 22 1.71 304 23.71 20 1.56 9 0.70 11 0.86 2 0.16 1282 100.00 4

80 6.24 59 4.60 23 1.79 41 3.20 32 2.50 135 10.53 22 1.72 20 1.56 19 1.48 20 1.56 51 3.98 26 2.03 33 2.57 62 4.84 33 2.57 14 1.09 137 10.69 21 1.64 80 6.24 8 0.62 71 5.54 26 2.03 41 3.20 19 1.48 41 3.20 9 0.70 22 1.72 11 0.86 72 5.62 26 2.03 28 2.18 1282 100 22 200555.335%20042005 20052004 8 20052004 2005455.3052005 73.47 98.07 62.88 71.08 55.84 79.81 79.03 40.24 33.24 5

45.44 40.91 41.06 40.95 28.84 33.63 13.89 49.72 55.33 56.10 53.15 51.75 54.80 62.47 50.95 55.07 55.22 52.70 51.07 54.73 62.58 50.82 40.24 48.36 49.06 47.15 49.80 59.48 50.38 5.30 14.23 4.60 7.63 5.08 10.94 9.65 28.13 202.61 21.17 58.19 25.82 119.58 93.18 0.39 0.13 0.47 0.48 0.06-0.11-0.11 0.07-0.57 0.16 0.53-0.06-0.18 0.02 33.24 78.62 31.07 49.07 34.55 65.14 58.67 40.24 19.45 38.29 31.42 38.33 28.09 22.16 73.47 98.07 69.36 80.49 72.89 93.23 80.83 CCGI NK CCGI NK CCGI NK 0.55%CCGI NK 21316.61%CCGI NK 85066.30%21250 16.54 (%) CCGI NK 90100 CCGI NK 8090 CCGI NK 7080 7 0.55 CCGI NK 6070 213 16.61 CCGI NK 5060 850 66.30 CCGI NK 50 212 16.54 1282 100 2004 1149 56.47 15.79 6

2005 1282 56.10 14.23 2004 1149 52.60 5.07 2005 1282 53.15 4.60 2004 1149 50.48 6.08 2005 1282 51.75 7.63 2004 1149 54.60 5.81 2005 1282 54.80 5.08 2004 1149 62.21 11.58 2005 1282 62.47 10.94 2004 1149 51.12 9.24 2005 1282 50.95 9.65 2004 1149 55.02 4.93 2005 1282 55.33 5.30 3 3.1 1310 59.0453.02 6.02 34 2.65 53.02 52.45 40.24 73.47 33.24 5.63 21 1.64 59.04 57.93 49.36 71.60 22.24 6.64 733 57.18 55.37 55.14 43.10 71.08 27.98 5.19 52 4.06 54.44 54.10 45.68 67.20 21.52 4.73 56 4.37 54.75 54.30 45.78 67.70 21.92 4.61 2 0.16 56.33 56.33 56.06 56.60 0.55 0.39 26 2.03 53.85 54.28 44.53 63.93 19.40 4.58 142 11.08 54.99 54.46 44.76 68.96 24.21 5.05 42 3.28 54.80 54.24 47.42 65.06 17.63 3.94 118 9.20 56.59 56.73 43.39 69.86 26.47 6.19 197 15.37 55.43 55.33 43.10 69.92 26.81 5.19 83 6.47 56.04 55.79 46.24 71.08 24.85 5.09 7

15 1.17 54.72 54.67 47.72 67.59 19.87 5.36 56 4.37 57.33 56.69 45.61 70.89 25.28 5.62 25 1.95 55.02 55.19 47.00 67.80 20.80 4.58 55 4.29 56.12 56.39 44.85 68.71 23.86 5.46 81 6.32 55.47 54.17 43.63 70.86 27.23 5.82 89 6.94 55.03 54.76 45.10 65.65 20.56 5.04 10 0.78 56.71 55.79 49.28 69.31 20.03 6.45 51 3.98 54.23 54.26 43.43 64.64 21.21 5.21 37 2.89 55.37 55.45 48.29 64.52 16.23 3.50 10 0.78 55.89 56.05 45.75 68.05 22.30 6.51 80 6.24 53.67 53.06 44.49 66.88 22.39 5.01 1282 100 55.33 55.07 40.24 73.47 33.24 5.30 2.65% 53.025.63CCGI NK 0.08%CCGI NK 20.16% CCGI NK 231.79%CCGI NK 50 80.62% 1.6459.04 6.64 89 28 73357.18 55.375.19 89 4.37% 57.335.62 89 8

1.95%55.02 4.5889 4.29% 56.125.4689 816.32% 55.475.828 816.32% 55.475.828 100.78% 56.716.458 513.98% 56.716.458 9

9 8 6.24% 8 1 0.08 2 0.16 23 1.79 8 0.62 1 0.08 7 0.55 11 0.86 2 0.16 1 0.08 121 9.44 488 38.07 123 9.59 5 0.39 35 2.73 12 0.94 5 0.39 43 3.35 8 0.62 2 0.16 1 0.08 19 1.48 6 0.47 22 1.72 95 7.41 25 1.95 4 0.31 34 2.65 4 0.31 34 2.62 67 5.23 17 1.33 33 2.57 129 10.01 35 2.73 1 0.08 15 1.17 54 4.21 13 1.01 2 0.16 10 0.78 3 0.23 2 0.16 15 1.17 35 2.73 4 0.31 2 0.16 21 1.64 2 0.16 11 0.86 37 2.89 7 0.55 2 0.16 14 1.09 53 4.13 12 0.94 17 1.33 56 4.37 16 1.25 3 0.23 5 0.39 2 0.16 8 0.62 32 2.50 11 0.86 3 0.23 31 2.42 3 0.23 10

2 0.16 6 0.47 2 0.16 8 0.62 52 4.06 20 1.56 7 0.55 213 16.61 850 66.30 212 16.54 11

0.001*** 0.01** 0.002** 0.001*** 0.3 0.007*** 0.15 0.02** 0.73 0.07* 0.01** 0.05* 0.31 0.25 0.38 0.04** 0.01** 0.87 0.06* 0.68 0.52 0.06* 0.02** 0.56 0.01** 0.99 0.23 0.6 0.09* 0.37 0.42 0.75 0.39 0.76 0.53 0.33 0.31 0.002*** 0.13 0.004*** 0.52 0.07 0.22 0.37 0.19 0.04** 0.03** 0.99 0.06* 0.73 0.43 0.91 0.66 0.54 0.22 0.18 0.23 0.75 0.47 0.65 0.91 0.83 0.62 0.78 0.38 0.81 0.55 0.002*** 0.005*** 0.000*** 0.23 0.008*** 0.04** 0.08* 0.08* 0.54 0.04** 0.2 12

10 11 57.6053.493.52 135% 91471.29% 55.8355.5030.37 5.28 914 71.29 55.83 55.50 43.10 73.47 30.37 5.28 304 23.71 53.81 54.01 43.39 69.65 26.26 5.04 9 0.70 54.22 51.20 47.05 67.54 20.49 6.51 22 1.72 57.60 57.70 47.99 65.20 17.22 5.88 20 1.56 55.49 55.67 48.76 64.10 15.34 4.08 11 0.86 53.49 54.43 47.17 58.73 11.56 3.52 2 0.16 43.16 43.16 40.24 46.09 5.85 4.13 1282 100 55.33 55.07 40.24 73.47 33.24 5.30 1. 914 71.29% 55.83 5.28 11 CCGI NK 0.55% CCGI NK 169 13.18% CCGI NK 612 47.74% CCGI NK 50 126 9.83% 13 2. 10 2005 304 23.71% 53.81 5.04 11 13

3. 10 2005 9 0.70% 54.22 6.51 11 12 4. 10 2005 22 1.72% 57.60 5.88 11 12 5. 10 2005 20 1.562% 55.49 4.08 11 12 6. 10 2005 11 0.86% 53.49 3.52 11 12 7 0.55 169 13.18 612 47.74 126 9.83 31 2.42 198 15.44 75 5.85 1 0.08 6 0.47 2 0.16 9 0.70 9 0.70 4 0.31 3 0.23 16 1.25 1 0.08 9 0.70 2 0.16 2 0.16 7 0.55 213 16.61 850 66.30 212 16.54 0.000*** 14

0.36 0.81 0.12 0.001*** 0.17 0.77 0.15 0.60 0.18 0.14 0.83 0.77 0.02** 0.18 13 5.84 57 13 80 6.24 56.70 56.23 0.56 46.31 69.31 22.99 23 1.79 56.00 56.05 1.21 46.25 71.60 25.35 32 2.50 57.51 56.83 0.93 47.42 69.66 22.24 22 1.72 54.60 55.18 0.97 47.02 61.48 14.46 19 1.48 55.19 54.99 1.31 44.76 68.20 23.44 51 3.98 53.97 53.81 0.68 45.01 69.51 24.50 33 2.57 52.98 53.61 0.70 44.85 60.70 15.85 33 2.57 52.89 52.92 0.76 44.95 62.37 17.42 137 10.69 56.03 56.08 0.46 45.19 70.47 25.28 80 6.24 57.16 57.09 0.61 46.07 70.86 24.79 71 5.54 56.67 56.69 0.54 45.91 69.65 23.74 41 3.20 56.68 55.66 0.90 46.65 70.20 23.55 41 3.20 53.92 54.27 0.93 43.43 67.54 24.11 22 1.72 54.19 53.22 1.09 47.16 66.46 19.30 72 5.62 55.44 54.39 0.58 45.39 71.08 25.69 28 2.18 56.15 56.64 1.16 45.26 69.92 24.65 59 4.60 55.42 55.07 0.74 43.39 69.86 26.47 41 3.20 54.25 53.54 0.99 40.24 73.47 33.24 15

135 10.53 55.38 54.91 0.45 43.63 70.89 27.26 20 1.56 56.28 56.01 1.10 48.38 66.66 18.28 20 1.56 52.11 50.49 1.29 46.44 68.71 22.28 26 2.03 53.72 53.21 0.99 43.10 65.52 22.41 62 4.84 54.01 54.23 0.66 44.12 68.96 24.85 14 1.09 54.86 54.92 1.07 48.26 61.07 12.82 21 1.64 57.95 57.26 1.22 47.09 69.04 21.95 8 0.62 53.90 53.79 1.86 47.42 64.52 17.11 26 2.03 55.00 54.26 1.02 46.79 68.05 21.27 19 1.48 52.70 53.10 0.85 47.17 60.25 13.08 9 0.70 54.67 53.97 1.74 46.79 64.93 18.14 11 0.86 52.84 52.75 1.17 46.24 58.46 12.22 26 2.03 53.93 53.60 0.64 48.23 60.66 12.43 1282 100.00 55.33 55.07 0.15 40.24 73.47 33.24 13 2005 80 6.24% 56.70 0.56 14 CCGI NK 1.48%CCGI NK 55 4.29% CCGI NK 50 6 0.47% 15 13 2005 23 1.79% 56.00 1.21 14 15 13 2005 32 2.50% 57.51 0.93 14 15 16

13 2005 22 1.72% 54.60 0.97 14 15 13 2005 19 1.48% 55.19 1.31 14 15 13 2005 51 3.98% 53.97 0.68 14 15 13 2005 33 2.57% 52.98 0.70 14 14 13 2005 33 2.57% 52. 89 0.76 31 14 15 13 2005 137 10.69% 56.03 0.46 14 15 17

2005 80 6.24% 57.16 0.61 14 15 13 2005 71 5.54% 56.67 0.54 14 15 13 2005 41 3.20% 56.68 0.90 14 15 13 2005 41 3.20% 53.92 0.93 14 15 13 2005 22 1.72% 54.19 1.09 14 15 13 2005 72 5.62% 55.44 0.58 14 18

15 2005 28 2.18% 56.15 1.16 14 15 13 2005 59 4.60% 55.42 0.74 14 15 13 2005 41 3.20% 54.25 0.99 14 15 2005 135 10.53% 55.38 0.45 14 15 13 2005 20 1.56% 56.28 1.10 14 15 19

13 2005 20 1.56% 52.11 1.29 14 15 13 2005 26 2.03% 53.72 0.99 14 15 2005 62 4.84% 54.01 0.66 14 15 13 2005 14 1.09% 54.86 1.07 14 14 13 2005 21 1.64% 57.95 1.22 14 15 2005 8 0.62% 53.90 1.86 14 15 20

13 2005 26 2.03% 55.00 1.02 14 15 13 2005 19 1.48% 52.70 0.85 14 15 13 2005 9 0.70% 54.67 1.74 14 15 13 2005 11 0.86% 52. 84 1.17 31 14 15 13 2005 26 2.03% 53.93 0.64 14 15 19 1.48 55 4.29 6 0.47 1 0.08 2 0.16 16 1.25 4 0.31 10 0.78 20 1.56 2 0.16 21

2 0.16 16 1.25 4 0.31 3 0.23 13 1.01 3 0.23 5 0.39 38 2.96 8 0.62 1 0.08 23 1.79 9 0.70 2 0.16 22 1.72 9 070 1 0.08 28 2.18 86 6.71 22 1.72 1 0.08 19 1.48 50 3.90 10 0.78 11 0.86 57 4.45 3 0.23 1 0.08 9 0.70 26 2.03 5 0.39 6 0.47 24 1.87 11 0.86 3 0.23 15 1.17 4 0.31 1 0.08 12 0.94 52 4.06 7 0.55 7 0.55 15 1.17 6 0.47 12 0.94 38 2.96 9 0.70 1 0.08 5 0.39 23 1.79 12 0.94 1 0.08 24 1.87 89 6.94 21 1.64 3 0.23 14 1.09 3 0.23 2 0.16 8 0.62 10 0.78 3 0.23 19 1.48 4 0.31 7 0.55 41 3.20 14 1.09 2 0.16 10 0.78 2 0.16 7 0.55 13 1.01 1 0.08 1 0.08 5 0.39 2 0.16 5 0.39 15 1.17 6 0.47 1 0.08 12 0.94 6 0.47 1 0.08 6 0.47 2 0.16 8 0.62 3 0.23 1 0.08 21 1.64 4 0.31 7 0.55 213 16.61 850 66.30 212 16.54 22

0.57 0.44 0.32 0.08* 0.38 0.04** 0.25 0.65 0.15 0.72 0.00*** 0.12 0.00*** 0.61 0.38 0.00*** 0.03** 0.00*** 0.17 0.11 0.33 0.00*** 0.03** 0.00*** 0.17 0.11 0.31 0.93 0.37 0.98 0.16 0.24 0.53 0.02** 0.00*** 0.00*** 0.57 0.37 0.76 0.05** 0.16 0.00*** 0.00*** 0.00*** 0.14 0.97 0.57 0.41 0.07* 0.24 0.00*** 0.00*** 0.00*** 0.37 0.55 0.98 0.65 0.53 0.15 0.36 0.02** 0.00*** 0.00*** 0.51 0.65 1 0.01*** 0.18 0.01*** 0.64 0.44 0.96 0.43 0.41 0.03** 0.00*** 0.01** 0.04** 0.04** 0.27 0.03** 0.78 0.56 0.86 0.33 0.32 0.14 0.02** 0.03** 0.01** 0.85 0.12 0.65 0.06* 0.48 0.85 0.11 0.01** 0.01** 0.44 0.04** 0.12 0.23 0.15 0.31 0.64 0.93 0.36 0.33 0.59 0.11 0.02** 0.02** 0.91 0.42 0.65 0.72 0.13 0.24 0.55 0.16 0.68 0.09* 0.55 0.88 0.16 0.03** 0.02** 0.47 0.07* 0.17 0.28 0.2 0.38 0.98 0.02** 0.28 0.02** 0.82 0.59 0.82 0.3 0.28 0.08* 0.01*** 0.04** 0.07* 0.8 0.97 0.31 0.07* 0.61 0.04** 0.5 0.88 0.09* 0.01** 0.01** 0.31 0.02** 0.08* 0.17 0.13 0.32 0.94 0.74 0.87 0.4 0.26 0.53 0.08* 0.01** 0.01** 0.85 0.51 0.74 0.79 0.13 0.19 0.5 0.00*** 0.03** 0.00*** 0.13 0.1 0.17 0.52 0.58 0.00*** 0.00*** 0.00*** 0.01*** 0.26 0.22 0.01** 0.01*** 0.15 0.01*** 0.53 0.37 0.83 0.54 0.51 0.04** 0.01*** 0.01*** 0.04** 0.89 0.75 0.13 0.00*** 0.13 0.00*** 0.64 0.4 0.97 0.32 0.29 0.01** 0.00*** 0.00*** 0.02** 0.93 0.89 0.1 0.19 0.52 0.1 0.86 0.86 0.53 0.15 0.16 0.43 0.14 0.17 0.28 0.58 0.68 0.68 0.32 0.26 0.77 0.04** 0.13 0.00*** 0.00*** 0.00*** 0.13 0.56 0.29 0.41 0.01** 0.03** 0.05** 0.13 0.37 0.09* 0.72 0.59 0.97 0.59 0.58 0.29 0.11 0.11 0.21 1 0.89 0.41 0.14 0.53 0.07* 0.78 0.91 0.4 0.10* 0.10* 0.37 0.08* 0.13 0.23 0.45 0.59 0.7 0.00*** 0.04** 0.00*** 0.15 0.12 0.3 0.8 0.87 0.01*** 0.00*** 0.00*** 0.00*** 0.34 0.3 0.03** 0.25 0.56 0.16 0.97 0.82 0.69 0.3 0.31 0.46 0.2 0.23 0.34 0.72 0.81 0.67 0.02** 0.11 0.01** 0.28 0.24 0.47 0.92 0.97 0.06* 0.01** 0.01** 0.04** 0.57 0.45 0.1 0.00*** 0.14 0.00*** 0.56 0.4 0.97 0.34 0.3 0.01*** 0.00*** 0.01** 0.02** 0.99 0.83 0.09* 23

0.58 0.22 0.34 0.49 0.97 0.25 0.94 0.55 0.21 0.47 0.03** 0.03** 0.21 0.1 0.02** 0.12 0.19 0.72 0.13 0.09* 0.32 0.09* 0.16 0.83 0.09* 0.09* 0.17 0.81 0.48 0.73 0.74 0.71 0.38 0.13 0.47 0.57 0.3 0.08* 0.03** 0.04** 0.32 0.00*** 0.01*** 0.00*** 0.08* 0.35 0.48 0.88 0.43 0.27 0.45 0.93 0.96 0.64 0.09* 0.46 0.75 0.62 0.73 0.4 0.08* 0.37 0.42 0.93 0.07* 0.61 0.02** 0.05* 0.24 0.03 0.01** 0.71 0.5 0.31 0.12 0.01** 0.5 0.11 0.52 0.71 0.85 0.69 0.43 0.27 0.63 0.72 0.92 0.15 0.77 0.87 0.26 0.11 0.15 0.49 0.11 0.05* 0.71 0.61 0.48 0.22 0.01** 0.62 0.22 0.92 0.38 0.1 0.13 0.78 0.07* 0.06* 0.22 0.86 0.93 0.43 0.01** 0.99 0.38 0.24 0.62 0.39 24

2005 2004 1). 25

26

rnance Scores Frequently Asked Questions, Governance Services, 4 February 2004. Evaluation and Analysis of Corporate Governance of Chinese Listed Companies LI Wei-an1, JIANG Tao1, CHENG Xin-Sheng1 (1. The Research Center for Corporate Governance, Nankai Univ., Tianjin 300071 China) Abstract: This paper is based on the public information of Chinese listed companies, Which uses the evaluation system of Chinese Corporate Governance Index (CCGI NK ), to evaluate corporate governance of Chinese listed companies. The research finds out, the corporate governance of Chinese listed companies among fields, the type of control right and areas is obviously different. Compared with the corporate governance index of 2004 and 2005, there is not substantial improvement in 2005 corporate governance of Chinese companies. This paper gives some advice about the quality of corporate governance. Keywords: Chinese listed company; evaluation of corporate governance; corporate governance index. 27

2005 (70532001) (7027202670372028) 2004 985211 (1957- ),,,, 28