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2.4.2 Guide enterprises to establish a standardized management system
"Code" led by the government and private enterprises to develop a code which like law but it is not legal code (Villanueva-Villar, Rivo-López and Lago-Peñas, 2016). This "Code" is developed by an industry itself, so it will have a relatively high degree of credibility. Moreover, it is precisely because the "code" only guides, and it does not require companies to comply with each of the provisions rigidly, which leaves companies a flexible space to adjust according to their own circumstances (Tan, Habibullah and Tan, 2017). Moreover, it also gives companies a space for development, especially for small and medium companies. Compared to large companies, there will be many deficiencies in small and medium companies in terms of capital, personnel and system. Corporate governance of many small and medium-sized companies may not yet meet all aspects required in the “Code”, but they can work towards the direction provided by the “Code” (Singh and Delios, 2017).
3.0 Conclusion
Corporate governance is a system of coordination of the interests of a company and its all stakeholders to ensure that the company's scientific and effective decision-making, and ultimately safeguard the interests of all aspects of the company. For modern enterprises, corporate governance has important significance, it can help companies to reduce supervision costs, to avoid operational risks and encourage employees. Corporate governance code is developed in the form of government leadership and multi-stakeholder participation, which is a useful complement to the traditions of the rigorous company law and judicial systems. It encourages enterprises to identify problems early and guide enterprises to establish a standardized governance system.
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