上市公司所有权和控制权配置模式与治理效率

The Allocation of Ownership,Control Rights of Listed Companies and Efficiency

公司所有权的核心是股东收益权,分为私人所有权和共同所有权;控制权是影响企业决策的能力,主要有经理的经营控制权和董事会的剩余控制权。公司治理的目的是最大化全体股东的利益。不同的股权结构形成不同的所有权和控制权配置状态,故应根据所有权和控制权配置的状态、公司技术特征和外部市场竞争程度来设计合理的治理机制以激励和约束控制权主体,实现有效的公司治理。

The core of ownership of corporate is residual rights of income,which realizes thought private ownership and public ownership.Control rights are the power to influence the decisions of enterprise,including the manager's control rights on management and directorate's control rights on decision,The aim of corporate governance is maximize the value of all shareholders.Different ownership structures result in different modes of allocation of ownership and control rights.so we should design governance mechanisms according to the allocation modes,technique characteristic and the intensity of competition of outside markets,in order to enhance the effciency of corporate govemance.Finally are the advices on governance to listed companies in China.