我国上市公司目标取向研究

Studies on the Objective of China's Enterprises on the Stock Market

我国上市公司国有股一股独大以及国有股与社会公众股同股不同权、同股不同利的特殊股权结构使得国有股股东处于绝对控股地位,追求净资产价值最大化的国有股股东的目标演变为上市公司的目标,在这一目标下,国有股股东操纵上市公司实施股权融资以及对再融资的低效运用,严重损害了社会公众股股东的利益。在国有股与社会公众股股权分割的条件下,股东增加值最大化是上市公司最适当的目标函数,这一目标函数与净资产价值最大化和股票市场价值最大化有着共同的价值决定因素,同时又克服了净资产价值最大化和股票市场价值最大化的缺陷。

Shareholders of state securities have absolute control on account of the special stock structure that the same state securities and the public securities have different rights and diverse profits on the stock market. The state stockholder＇ objective of seeking the largest magnitude of value the net assets develops into the aim of finns on the stock market. Under the guidance of this goal, the state stockholders control the list companies to carry out the capital share financing and re - financing ineffectively, which greatly harms the interests of the public stockholders. Under the condition of the rights division of the state securities and the public securities, the maximization of the added value is the firm＇ s most appropriate objective function, which has common value decisive factor with the value maximization of the net assets and stock market. Meanwhile, it also overcomes the drawbacks of the value maximization of the net assets and stock market.