股权分置改革对我国上市公司治理结构的影响

Influence of stock right separation reform on governing structures of listed companies of China

股权分置是指A股市场的上市公司股份按能否在证券交易所上市交易被区分为非流通股和流通股。这种状态不能适应当前资本市场改革开放和稳定发展的要求。股权分置改革是为非流通股上市交易做出的制度安排,有利于市场稳定和上市公司的长远发展,为企业的并购扩张消除瓶颈约束,特别是可以改善上市公司的治理结构,有利于公司价值的最大化。

Stock right separation is the division of the stocks of listed companies in A share markets into circulation stocks and non - circulation stocks during the time when they are listed and transacted in stock exchanges. Such situation of stock right separation cannot meet the requirements of stock markets for reform and opening -up and steady development. The stock right separation reform provides regulations for listed transactions of non - circulation stocks, propitious to market stability and long - run development of listed companies. The stock right separation reform can remove the restrictions of bottlenecks of enterprises on expanding their scales by merging, and it can improve the governing structures of listed companies and maximize the values of listed companies.