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长期以来,我国的资本市场处于股权分置格局,学业界和实业界均认为,股权分置是中国上市公司治理诸多缺陷的症结所在。随着我国股权分置改革的逐步推进,我国资本市场将发生制度性的变革。本文对股权分置改革对我国上市公司治理结构的影响,以及股改后我国上市公司可能实现的公司治理模式进行了阐述,得出四种我国上市公司可能选择的治理模式,分别是过渡型模式、外资主导型模式、交叉持股模式、利益相关者利益协调机制。
For a long time, the capital market of our country is in a share-trading pattern. Both the academic circles and the industrial circles think that the split-share structure is the crux of many defects in the governance of listed companies in China. With the gradual advancement of the split share structure reform in our country, institutional changes will take place in the capital market of our country. This article elaborates the influence of the share-trading reform on the governance structure of listed companies in our country and the possible corporate governance model of listed companies in China after the reform of share-holding structure, and finds out the four governance modes that Chinese listed companies may choose, namely transitional mode, Foreign-oriented model, cross-shareholding model, stakeholder interest coordination mechanism.