股权结构对上市公司内部治理影响研究——基于发展混合所有制经济背景分析

The Influence of Equity Structure on Internal Governance of Listed Companies——Based on the Development of Mixed Ownership Economy

我国上市公司股权结构基于特定的经济和政治背景下的制度安排而形成,并以建立社会主义市场经济为目标。然中国上市公司国有股"一股独大"的股权模式,制约着公司内部管理和外部治理机制作用的发挥。公司股权结构的不合理,造成上市公司出现内部人控制、国有股东代表"缺位"和政府行政干预以及股东大会与监事会职能的虚化等不规范现象,影响公司内部治理绩效。建议完善公司治理相关的法律规范、降低国有股持股比例、建立职业经理人制度及企业家制度,以此来优化上市公司股权结构和提升公司的治理水平。

Equity structure of listed companies is formed based on the specific economic and political system,so as to better achieve the goal of developing the socialist market economy. Yet in China,state-owned stocks of listed companies form'one big share alone',and such an equity mode hinders the function of internal and external governance mechanisms. The unreasonable structure of stock ownership results in various improper phenomena,such as internal control of listed companies,absence of representatives of state-owned shares,administrative intervention by the Government and nonperformance of shareholders' Assembly and the Supervisory Board. Thus internal management of the listed companies is affected. The suggestions are modifying the legislative regulations related to corporate governance,reducing the ratio of state-owned shares and establishing entrepreneurial system and professional managers system,so as to optimize the equity structure of listed companies and improve corporate governance.