股权结构的公司治理效应——后股权分置时代的实证分析

Corporate Governance of Stock Right Structure—Empirical Analysis in the Era After Share-Split

股权分置是我国股市特有的现象,它表现为一部分股权可以上市流通,而另一部分股权暂时不可以上市流通。股权分置制度影响了证券市场的有效性,制约了证券市场功能的正常发挥,进而影响了公司治理水平。采用沪深两市A股上市公司2006年的财务数据为样本数据,从实证的角度就股权构成、股权集中度和股权制衡度等股权结构变量对公司治理效应的影响进行检验,并结合实证结论提出一些后股权分置时代优化股权结构和完善公司治理效应的建议。

In china, share-split is a proper phenomenon in stock market, which represents that there are parts of stock right can be traded in the market, but others are not. Share-split affects the efficiency of the security market, at the same time, restricts security market to exert it＇s function, and that influences corporate governance of listed companies. On the empirical view, this paper adopts recent finance data（2006） of all the listed companies in Share A market of Shanghai and Shenzhen stock markets, proof-tests the governance effect of stock right structure, including constitutes of stock right structure, concentration degree of stock right structure, and weighting degree of stock right structure. And then, makes suggestion about how to optimize stock right in order to perfect corporate governance. Wish that will be good at reform in the era after share-split.