国有上市公司的上市模式、控制权结构与企业绩效

The Listing Conduct,Control Right Structure and the Performance of the State-owned Companies

本文认为,根据现代企业理论,应该采用实际控制权的概念来研究和分析公司治理的问题,而不是前人普遍所采用的股权结构。本文选取在沪深交易所挂牌上市的1002家国有控股上市公司作为样本,对国有企业在不同的股票发行制度下对上市模式的选择及最终形成的控制权结构进行了统计上的检验。结果发现,在不同的股票发行政策下,国有企业倾向于采取不同的改制上市模式;而不同的上市模式,导致不同的控制权结构。本文进一步检验了控制权结构与公司绩效的关系,实证结果表明不同的控制权结构对于公司治理绩效具有显著影响。因而,本文认为根本改善未来国有控股上市公司的治理结构,提高公司绩效,可以从完善现行股票发行制度入手。

According to the recent modem corporate theory, the adaptation of the concept of substantial control in analyzing the problems in corporate governance is more suitable than the common used method of stock-structure. This paper analyses the influence of different listing policies to the listing conduct and the control fight structure. The result shows that different listing policies of state-ownod corporation result in different listing conduct, and the different listing conduct results in different control right structure. Statistical analysis indicates that different control right structure influences performance of corporate governance substantially. Therefore, improving listing policies will be the proper way in improving the corporate governance structure of state-owned corporation and the performance of the corporation.