控制权分裂、股权分置与上市公司治理

The Division of Control Rights,the Equity Allocation and the Governance of the Listed Firm

运用现代企业理论的分析工具,试图揭示股权分置与公司治理的内在联系与作用机理。在分析不同企业形态下的控制权配置后,论证由于控制权的分裂,使得股权分置对公司治理产生重大影响。最后结合中国股市发展的特殊历程,探讨了股权分置改革的意义所在。

The paper, by using the analytic tools of the modern theory of the firm, tries to expose the inherent links and the functioning mechanism between the equity allocation and the corporate governance. After tile analysis of the allocation of control rights under the different forms of firms,the paper expounds and proves the great influence of the equity allocation on the corporate governance because of the division of control rights. Finally the paper, on the - significance basis of the above analysis, explores the reform of the allocation of equity.