企业股权特征的综合分析框架——基于中国企业的现象与理论

A Comprehensive Analyzing Framework of Ownership Characteristics——Based on the Chinese Phenomena and Theory

股权特征是影响公司治理的基础性因素。现有文献通常侧重于其中某一或两个维度的特征进行研究,难以全面、深入考察股权特征在公司治理中的作用。本文基于我国企业的现状,搭建了包括股东、股本、持股和控制权四个维度的企业股权特征综合分析框架。本文首先透过现象描述与分析,归纳出刻画我国企业股权特征的四个维度及其具体特征;其次从理论上分析了产权残缺问题是我国企业股权四个维度特征形成的根源;最后探讨运用企业股权特征综合分析框架进一步开展股权结构研究需重点关注的若干变化。本研究有助于立足我国特有的产权制度,为深化股权特征形成及其影响的研究提供更完整的思路,并为国有企业混合所有制改革和民营企业现代企业制度建设提供启发。

The ownership structure plays a fundamental role in corporate governance. The Current literature analyzes the ownership structure from one or two angles,which cannot comprehensively examine the effects of ownership structure on corporate governance. This paper provides a systematic analyzing framework of ownership characteristics. Firstly,we describe the ownership characteristics in Chinese firms,from the four perspectives of the shareholder relationship,the equity,the ownership and the control structure. Then we try to explain the existence of the above ownership characteristics from the Chinese institutional environment of truncation of property rights in firms. Finally we discuss the implication of our framework,and propose some important questions needed more attention in future research. Our research can offer some new insights intothe formation and consequences of ownership characteristics in China from the perspective of Chinese distinct property institution,more importantly,offer some valuable inspirations for the reform of state-owned enter-prises and the development of private companies.