Abstract

Capital market investors the right to information is key to protecting the interests. Corporate governance in order to optimize the configuration right to information, improve efficiency of governance mechanisms to monitor budding style mandatory to voluntary self-governance to the innovation spiral path of evolution. Mandatory implementation of self-governance governance is a prerequisite, it can protect the interests of investors, maintain fair securities market; self governance is governance of listed companies to meet the mandatory requirements of the implementation of governance on the basis of innovation, it can maximize the value of the company, to improve stock market efficiency. Internal mechanism of self-governance and the external environment is to maintain the mandatory governance to build an important condition for the validity of the securities market. The information rights are the keys for protecting the investors' rights. The spiral path of evolution of corporate governance institution is from the spontaneity to mandatory governance and then to voluntary governance, according to optimizing the allocation of information rights, and improving the efficiency of governance . Mandatory governance is the premise of implementing voluntary governance, protecting investor rights, and safeguarding the securities market fair. Voluntary governance is the governance innovation based on meeting the requirement of mandatory governance, maximizing the firm value, improving the securities market efficiency