从股权结构到股东关系

From Ownership Structure to Shareholder Relationships

近80年来,国内外学者围绕股权结构问题开展了广泛且颇具影响力的研究。其中,对股权结构定性或定量的测度是所有研究开展的基础。本文系统总结了股权结构相关研究的内容、技术路线及对股权结构的刻画方式。分析表明,仅从产权维度和垂直方向认识股权结构及代理问题存在明显的局限和偏差。为此,本文从横向网络以及股东之间多种形式的契约出发,考察股东关系对公司产权分布体系的影响。在股东关系的框架下,我们重构了公司股东的产权、利益和势力结构,并用一套较详细且操作性较强的指标体系对股东关系进行了刻画。本文提出的"关系基础"的股权结构将为深化与拓展股权结构、公司治理和投资者保护等研究提供有益的帮助。

In the past 80 years,scholars have conducted extensive and influential researches on ownership structure,whose base is the qualitative and quantitative measure of ownership structure.In this study,we systematically conclude the topics,methodology and indicators on researches related to ownership structure.Analysis indicates that learning the ownership structure and agency conflicts in modern corporations just from the vertical aspect of property would lead to limitations.Therefore,we analyze how shareholder relationships affect the distribution of corporate property from the horizontal aspect of various contracts between shareholders.In the framework of shareholder relationships,we reconstruct the distribution of property,benefits and power among shareholders,and use a group of practical index to measure the type and influence of related shareholders in detail.The framework of 'Relation-based Ownership Structure' suggested in this study would help deepen and expand the research on ownership structure,corporate governance and investor protection.