Notice of RetractionGovernance Efficiency, Substitution Effect and Optimal Research on Corporate Governance of Ultimate Controlled Corporations

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

The cost-benefit property of specific corporate governance mechanism inherently determines its governance efficiency, different combinations among various governance mechanisms which have different governance efficiency and substitution effect determine the overall efficiency level of corporate governance. Thus, the paper tries to construct a general analysis framework for ultimate controlled corporations, and analyze the theoretical model of optimal governance of ultimate controlled corporations based on governance efficiency and substitution effect and corresponding equilibrium solution, then we explore the realization way of optimal corporate governance combination and corresponding impact factors. Finally, we point out the policy implication of our study in enriching corporate governance theory and promoting related practice.