中国上市公司股权分置改革的治理效应研究

A Study of the Administrating Effect on the Split Share Structure Reform of the Chinese listed Companies

股权分置的制度缺陷导致了上市公司治理缺乏共同的利益基础,扭曲了资本市场发挥作用的机理,股权分置改革促使上市公司共同治理基础的逐步形成。本文分析了股权分置改革对上市公司治理的影响,指出股权分置改革通过上市公司股东行为、董事会作用及经营者激励约束机制等内部治理因素和资本市场定价机制、控制权市场并购重组机制及监督约束机制等外部治理因素影响了上市公司整体治理的优化。随着我国股市进入后股权分置时代,上市公司的治理面临着更多的机遇和挑战,为了抓住机遇迎接挑战,更好地完善我国的公司治理,提出了后股权分置时代优化上市公司治理的对策建议。

The defect of the split share system leads to the administration of the listed companies to lack of common beneficial foundation and twists the mechanism for the capital markets that play their parts; while the split share structure reform impels the listed companies to gradually form the common administrative foundation. This note analyses the influence of the split share structure reform on the administration of the listed companies and points out that through the internal factors such as the deeds of the share - holder of the listed companies, the board＇s actions and the manager＇s stimulating limited mechanism and the external factors such as the pricing mechanism, the controlling rights, market reorganizing mechanism, supervising mechanism of the listed companies; the split share structure reform affects the optimum of the overall management of the listed companies. With our country＇ s stock market entering to the post - shareholding splitting time, the administration of listed companies faces still more opportunities and challenges. In order to grasp opportunities and meet challenges and still better perfect our country＇ s company - administration, this note puts forward the counter - measure for optimizing the administration of the listed companies in the post - shareholding splitting time.