新三板公司股权结构及公司治理研究

On Shareholding Structure and Company Governance of New Third Board Firms

近年来在全国中小企业股份转让系统上挂牌的非上市公众公司数量急剧上升,这些企业能够挂牌,说明公司治理机构和制度按国家法律法规的要求已经基本完备,但在实际运营中公司治理机构和制度能否真正发挥效能,还受现行股权结构制约。由于当前新三板市场还存在着交易不够活跃、挂牌公司核心员工持股利益无法得到有效保障、公司治理机构不能完全发挥有效治理作用、主办券商持续督导力度不够等缺陷,因此要完善挂牌公司治理状况,必须从活跃新三板市场、建立独立董事制度、加强主办券商督导和完善股东诉讼权利等方面入手,促进挂牌公司治理能力的改善,保证公司的合法合规经营。

In recent years the number of non-listed public companies listed on National Equities Exchange and Quotations（NEEQ）, the so-called the New Third Board, has been increasing sharply. That these enterprises can be listed on NEEQ indicates that their company governance organization and system has already reached the requirements of national laws and regulations, but in actual operation, whether such a firm can make good use of governance organization and system is restricted by its ownership structure.To improve the governance of the companies listed on NEEQ, all the following problems must be solved first：The New Third Board market is still not active; the interests of main share-holding employees can＇ t be guaranteed; corporate governance organizations ca n＇t play their role effectively; and securities companies＇ supervision is not strong and persistent.Therefore,the New Third Board market should be greatly activated, an independent director system established,securities companies＇ supervision strengthened, litigation rights of the shareholders guaranteed, and legitimate company management ensured.