股权结构对公司外部治理的影响分析

Analysis of the Impact of Ownership Structure on the External Corporate Governance

公司控制权市场治理作为外部治理中最为重要的部分,其作用的发挥直接影响到公司治理的效果。控制权市场治理作用的发挥,主要以公司的控制权争夺为手段,直接体现为公司间接管活动的发生。从股权结构的角度入手,考察我国上市公司控制权市场的现状,通过对公司间接管活动的分析,探讨了上市公司特殊的股权结构对控制权市场外部治理作用的影响,并指出为进一步完善我国公司外部治理机制就必须从股权结构入手进行改革。

Taking-over market, the main component of external corporate governance, affects the performance of corporate governance significantly. Through taking-over activities between companies, the market assumes its role in the governance mechanism. This paper analyzes the taking-over market of listed company in China from the view of ownership structure. By looking into the indirect taking-over activities between companies, the authors research the impact of specific ownership structure on the effectiveness of external corporate governance deriving from such activities. It is concluded that innovation of ownership structure is the key for taking-over market to take its role in external corporate governance more effectively.