均衡持股的股权结构与国有上市公司法人治理结构

Balanced Share Ownership Structure and The State-run Listed Corporate Governance Structure

通过对以股权结构为基础形成的两种公司法人治理结构模式的比较分析,以及对国有上市公司(以下简称上市公司)的股权结构及法人治理结构的剖析,认为"国有股一股独大"的股权结构使得上市公司内部治理和外部治理都不能有效发挥作用。在此基础上,借鉴西方公司治理模式,并以我国成功上市公司的股权结构为范例,提出了构建均衡持股的股权结构是完善上市公司法人治理结构的重要途径,并给出了利用国外资本市场,借助"买壳"或者间接收购方式以及发展机构投资者等三种构建方式。

?By means of comparative analyzing two typical modes of corporate governance and perceiving the share ownership structure and corporate governance of domestic staterun listed corporate, the author thinks that share ownership structure of 'Stateowned share is the first shareholder' makes the internal and external governance invalid. Basing on the mentioned analysis, the author puts forward that establishing balanced share ownership structure will be an important way to improve the staterun listed corporate governance structure and gives three establishing methods as using overseas capital market, buying shell or indirect acquisition and developing organizational investors.