上市公司股权结构的演化与路径依赖研究

Research on the Evolution of Equity Structure of Listed Corporation and its Path Reliance

统计数据表明,我国上市公司"股权集中、国有股独大"的现象多年来没有实质性的改变。运用路径依赖理论,结合中国国情,从初始结构和规则两方面对这种现象进行解释。应从转变政府职能、合理减持国有股、健全投资者保护制度、培育商业文化等方面来优化股权结构,破解上市公司股权结构的路径依赖。

The statistics data suggests that there is no material changes for the features of ＂centralized equity, state - owned share in a leading position＂ in China＇ s listed companies for many years. By using path reliance theory, combined with the reality in China, an explanation is made for this phenomenon from two respects： initial structure and rules. It＇ s compulsory to take such measures as transforming the function of governments, rationally decreasing state -owned shares holding, consummating investor protection system, fostering commercial culture, etc. to optimize equity structure so as to dissolve path reliance in listed company equity structure.