以国有股表决权证券化构建上市公司新型治理结构

Establishing New Corporate Governance Structure by Securitization of Right to Vote on State-owned Stocks of Listed Company

当前解决我国国民经济与证券市场的深层次矛盾的关键是,将上市公司的国有股表泱权证券化为类似于股票一样的国有股表决权证,并在沪深股市竞价发行后上市流通交易,与原有流通股一起共同构成统一的公司控制权市场。以经济管理中的核心思想权力制衡思想为指针,改进国家对公司的控制模式,形成国家依法监管与企业自主经营相结合的新型政企关系,找到公有制在市场经济中的微观实现形式。

This paper discusses the measure of separation between ownership and control on the background of special institution in china. The author points out, we should do Security of right to vote in state-owned stocks, to improve the operation of corporate controlling right market in China. Control right transference will find efficient corporate governance structure, and the government should control corporate behavior by veto power. This will motivate the managers to make maximization the value of corporate.