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In the course of founding modern corporate institution, China introduced "the theory of corporate governance" via which regulates the rights and duties of the owners, monitor and supervisor of the corporate, aiming at a desirable balance on interests and risks, incentives and regulations among the different subjects. The decisive power belongs to shareholder assembly, respectively the executive right to board and the supersion right to supervision board. Recently, there are more and more issues of corporate governance in state-owned companies. Therefore, enforcing the regulating of the companies and reducing the agent cost have been the major part of corporate governance in them. The author uses the comparative analysis and historic research approach to find the institutional basis and possible solutions through the international comparison of agent institution, realizing the better corporate governance and the development of corporate governance theory. Keywords—State-owned company, principal-agent, corporate governance

An International Comparative Study of State-owned Companies ——From the Perspective of the Relationship on Principal-Agent