股权结构、关联交易和公司治理制度安排

Option Structure Relation Transaction and the Institution Arrangement of Corporate Governance

国有股"一股独大"一直被认为是一种低效的股权结构,是造成上市公司绩效低下的主要原因。本文通过建立股权结构的选择模型,得出了股权结构的差异并不是影响绩效的关键因素,通过考察深圳证券交易的数据,以及目前中国上市公司的治理结构的现状,笔者认为:尽管这种股权结构在一定程度上容易导致大股东损害小股东的利益,进而降低上市公司的绩效,但并不意味着国有股减持是解决上市公司业绩低下的唯一途径,不完善的公司治理结构和上市公司之间存在的大量的关联交易是导致上市公司业绩低下的关键因素。文章通过分析最后提出了遏制关联交易,提升上市公司业绩的公司治理制度安排的建议。

Option structure is one of important factors to the performance of enterprise. State-owned which dominated in option structure is regarded as the key factor to badly performance of company. This paper presents a model of option structure, through which the conclusion can be gotten: this is no different option structure; there are no experience evidences shown relationship between performance with option structure;corporate governance structure and relation transaction which are very popular lead to badly performance.