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由于公司独立人格与其成员有限责任相结合的制度变迁,使公司作为矛盾统一体必然存在两对矛盾:所有者与经营者之间的矛盾;大股东及经营者与中小股东及债权人之间的矛盾。而在我国,由于资本市场特有的“新兴+转轨”的特征,控股股东与中小股东之间的利益冲突会在相当长一段时期内处于主要地位。因此,后股权分置时代,保护中小股资者利益应成为上市公司监管的出发点和归宿点;对上市公司的监管不只是证券监管部门的事,而是涉及投资人、债权人、中介机构、经营者、政府及其相关部门、相关新闻媒体等市场各方参与主体利益的共同事务;证券监管部门对上市公司监管需要一个放松管制与强化管制并进的过程。
Owing to the institutional change of combining the independent personality of a company with the limited liability of its members, there are necessarily two contradictions in the corporation as the unification of contradictions: the contradiction between the owner and the manager; the contradiction between the major shareholder and the manager, the minority shareholders and the creditors . However, in our country, due to the characteristic of “emerging + transition” in the capital market, the conflict of interest between the controlling shareholder and the minority shareholders will be in a dominant position for a long period of time. Therefore, after the split share structure era, the interests of small and medium-sized stockholders should become the starting point and the final destination of supervision of listed companies. The regulation of listed companies is not only a matter for securities regulatory authorities, but involves investors, creditors, intermediaries, , The government and its related departments, relevant news media and other market parties to participate in the interests of the main interests of the common; securities regulatory authorities of listed companies need to deregulation and enhanced control of the process go hand in hand.