论文部分内容阅读
公司股权结构已经成为国内外学术界研究的一个热点,也是我国现实经济中建立现代企业制度、改革国有大中型企业,完善上市公司治理机制的一个焦点。西方关于股权结构的研究焦点已经从弱股东(所有权于经营权分离)、大股东转移到多重大股东上,研究大股东之间的利益关系及其对公司价值的影响。而在国内,这个领域的研究仍停留在单一大股东层面上,笔者认为这已经不在符合我国上市公司股权结构的实际情况了。这一滞后性表现在两个方面:股权集中度与公司业绩的关系,国家股在公司治理中的作用。
The ownership structure of the company has become a hot spot in the academic research at home and abroad. It is also a focal point of establishing modern enterprise system, reforming state-owned large and medium-sized enterprises and perfecting the governance mechanism of listed companies in our real economy. Western research on ownership structure has shifted its focus from the weakest shareholder (the separation of ownership from the franchise) and the transfer of major shareholders to multiple major shareholders to study the relationship between the major shareholders and their impact on the value of the company. However, in China, the research in this field still stays at the level of a single major shareholder, which the author believes is no longer in line with the actual situation of the ownership structure of listed companies in our country. This lag is manifested in two aspects: the relationship between ownership concentration and company performance, and the role of state shares in corporate governance.