上市公司控制权配置现状与治理效率研究

Study on the alignment of Control Right and the Governance Efficiency

以2003年1092家A股上市公司为研究样本,实证研究了中国上市公司控制权配置现状与公司治理效率的关系。研究发现,中国上市公司的实际控制权掌握在第一大股东手中,第一大股东在公司治理中的表现视其持股比例和公司股权集中程度而定。国有控股股东在公司治理中的效率显著低于非国有控股股东,对此提出了建议。

This paper examines the relationship between the alignment of control rights and the governance efficiency of China’s listed companies. The result shows that the control right actually held by the first large shareholder and the efficiency of the first large shareholder in firm governance was tested using the listed companies’ data. The findings suggested that the efficiency of the first large shareholder is quite low, especially in state-owned enterprises.