我国上市公司治理改进的法制基础

Legal System Foundation on Management and Improvement of China's Listing Companies

对于上市公司这类重要的市场主体,公司治理改进必须依靠良好的法律制度基础。近几年,法制的规范和指引作用主要体现在以下几个方面:推动上市公司股权分置改革,从根本上使上市公司大小股东利益趋同;规范上市公司治理结构,对上市公司股东大会的特别职权、独立董事、上市公司董事表决回避作出特别规定;降低代理成本,建立对董事、监事、高级管理人员的激励与约束制度,明确上市公司股权激励管理办法;推动上市公司直接融资,发挥资本市场对公司治理的影响;指引上市公司披露信息,促进上市公司改进治理。

It depends on sound legal system foundation to manage and improve the listing company, an important market subject. For recent years, regulation and guidance of the legal system includes the following aspects： （1） driving the share - trading reform of listed companies to ensure the same interests of large and small shareholders; （2） regulating its management structure, namely making special provisions for the special authority of stockholders＇ meeting and voting and blenching of independent directors and directors of listing companies;（3） reducing agency costs, establishing stimulation and restriction system on directors, supervisors and top managers and specifying management methods of shares stimulation; （4） promoting direct finance and bringing capital market into full play in management of listing companies; （5） directing information disclosure of listing companies to help them improve management.