摘要
从内部治理机制和外部治理机制两方面 ,分析了上市公司治理结构存在的严重缺陷。内部治理结构方面 ,主要表现为国有股、法人股大股东的股份非流通性产生的所有者缺位 ;外部治理结构方面 ,主要存在产品市场信息难以准确地传递到资本市场 ,经理人市场尚未形成 ,资本市场行为扭曲 ,中介机构自律性差等问题。在分析以上问题的基础上 ,提出了国有股减持和法人股转让方案 ,规范上市公司信息披露和建立进退市机制 ,规范中介市场 ,发展经理人市场和完善资本市场等政策建议。
From the two aspects of internal and external governing mechanism, this paper analyzes the faculties in the governing structure of Chinese listed companies.As for the problem of internal mechanism, it is vacancy of the owners as the result of stated-owned and legal shares not circulating.The main problems of external governing mechanism are unreal signals of the product market, not advanced market of the manager, the distorted capital market, bad self-discipline of the agency. Hence, this paper proposals strategies with the aim of settling all these problems.
关键词
上市公司
国有股
资本市场
法人股转让
corporate governance
listed company
stated-owned shares
internal governing mechanism
external governing mechanism
