中国上市公司终极所有权结构及演变

The Research on the Ultimate Ownership Structure and its Change of Chinese Listed Companies

本文基于终极产权论的方法对我国上市公司的终极所有权结构进行了动态分析。研究发现,我国上市公司终极所有权高度集中,国家和私人是第一和第二大终极控制人,他们通过间接持股的方式实施对企业的最终控制。2004年以来,从数量上看,国家作为终极控制人持有的上市公司比例显著下降,私人控制的比重显著上升,但是从资产上看,绝大部分上市公司的资产由国家最终控制,私人最终控制的上市公司资产比重很小而且还在下降。

This paper studied the ultimate ownership structure of Chinese listed companies based on the theory of ultimate ownership.The results show that there is a highly concentrated ownership structure in Chinese listed companies.The state and the privates are the top two ultimate controllers,who implement the ultimate control for corporations through the indirect holdings.Since 2004,on the terms of volume,the proportion of listed companies held by the state as the ultimate control was significantly decreased;the proportion of listed companies held by the privates was significantly increased.But on the terms of asset,the vast majority of the assets of listed companies are ultimately controlled by the state,and the proportion of assets of listed companies controlled by the privates is very small and declining.