工会法人股权的法律思考

企业改制，特别是集体企业改制，如何界定和认可职工几十年的积累和劳动成果，处理好了，会极大地调动广大员工的积极性；处理不好，会挫伤他们的积极性。在计划经济体制下，集体企业是我们国家经济的重要组成部分，集体企业职工被简称为“大集体”，创造的大部分经济价值留给了企业。

关于对个人资金进入法人股交易市场几个问题的认识

关于法人股转化为个人持有，即“法人股个人化”，必将造成国有资产流失，理论界似乎早已定论。“法人股个人化”这个问题，我认为应从两方面认识，如果指的是用法人的资金购买股份后，将股权无偿地分给个人持有，从而造成法人财产流失，我们当然应坚决杜绝这种行为。如果指的是在法人股交易市场上，通过一定形式把个人资金集中起来去做投资，使法人股权转化为个人持有，那么我们不应盲目限制，而应在规范化的基础上，加以正确引导，合理提倡。

Incentive and Entrenchment Effects of Large Shareholdings： Evidence from Chinese Public Corporation

This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corporate performance. Author observes that the largest shareholder has the incentive effect and entrenchment effect on corporate valuation. Empirical relationship between the largest shareholding and corporate valuation shows that the firm value decreases with the equity ownership of the largest shareholders, consistent with a negative entrenchment effect, when the largest equity ownership is below 40.28% of the whole share. Then firm value rises when the proportion of the largest shareholder＇s rights was increased to 69.29%, being consistent with a positive incentive effect. But with the increase of the share of the largest shareholding, firm value falls again.