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上市公司的股权结构与公司治理关系研究
Our country enterprise management buyout performance studies
AUTHOR: Miao Jimao
CITY COLLEGE, KUNMING UNIVERSITY OF SCIENCE & TECHNOLOGY INSTRUCTOR:Wu Jie
PROFESSIONAL TITLE：Teaching Assistant
CITY COLLEGE, KUNMING UNIVERSITY OF SCIENCE & TECHNOLOGY
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摘要
随着中国证券市场的发展，上市公司的治理结构越来越引起人们的关注。公司治理是上市的基础，而股权结构是公司治理的基础。上市公司的治理状况，从根本上决定着上市公司的质量和发展水平。股权结构的调整是公司治理行为的重要方面，其目的在于实现公司的有效治理和股东利益最大化。股权结构设置从根本上影响着公司治理机制，通过比较西方发达国家成功的公司治理模式的基础上，分析我国的实际情况和所存在的问题，对我国上市公司治理提出一些建议。
本文从股权结构这一影响上市公司治理的重要因素出发关注股权属性和股权结构，股权属性对股东行为及企业治理机制具有正面或负面的影响和股权结构的集中度对公司治理的影响，通过减持国有股、发展战略人等，从而切实提高企业的经营效率。
关键词：上市公司 股权结构 公司治理 建议
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The study on the relationship between the ownership structure and corporate governance of
listed companies
Abstract
With the development of China's securities market, the governance structure of listed companies is more and more aroused people's concern. Corporate governance is the foundation of the public and the ownership structure is the foundation of corporate governance. The governance of listed companies, fundamentally determines the quality and development level of listed companies. Equity structure adjustment is an important aspect of corporate governance behavior, its purpose lies in realizing the effective governance of the company and maximize shareholder interests. Ownership structure is set fundamentally affects the corporate governance mechanism, successful corporate governance model by comparing the western developed countries, on the basis of analysis of the actual situation of our country and the existing problems, and puts forward some proposals to the governance of listed companies in our country.
This article from the ownership structure the important factors of the influence of the listed company governance focuses on equity attributes and ownership structure, equity properties of shareholder behavior and corporate governance mechanism has a positive or negative impact and the influence of the concentration degree of ownership structure on corporate governance, by reducing its development strategy of state-owned shares, people, etc., thus to improve the management efficiency of enterprises.
Key Words: public company equity structure corporate governance advise
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目录
前言 ........................................................................................................................................................... 1 第1章 导论 ......................................................................................................................................... 2
1.1选题背景 ..................................................................................................................................... 2 1.2选题目的和意义.......................................................................................................................... 3 1.3国内外研究动态.......................................................................................................................... 3
1.3.1国外研究动态 ................................................................................................................... 3 1.3.2国内研究动态 ................................................................................................................... 4
第2章股权结构如何影响公司治理机制 ................................................................................................ 5
2.1股权结构与公司治理的定义 ...................................................................................................... 5
2.2股权属性对公司治理机制的影响 ...................................................................................... 6 2.2.1国有股与公司治理 ........................................................................................................... 6 2.2.2法人股与公司治理 ........................................................................................................... 6 2.2.3社会共众股与公司治理 ................................................................................................... 8 2.3股权结构对公司治理机制的影响 .............................................................................................. 8
2.3.1股权结构高度集中型对公司治理的影响 ....................................................................... 8 2.3.2 股权结构相对集中型对公司治理的影响 ...................................................................... 9 2.3.3 股权结构高度分散型对公司治理的影响 .................................................................... 10
第3章股权结构与公司治理的国际比较研究 ...................................................................................... 11
3.1英美模式 ................................................................................................................................... 11
3.1.1内部治理......................................................................................................................... 11 3.1.2外部治理......................................................................................................................... 12 3.2日德模式 ................................................................................................................................... 13
3.2.1内部治理......................................................................................................................... 13 3.2.2外部治理......................................................................................................................... 14
第4章我国企业股权结构与公司治理的现状 ...................................................................................... 15
4.1股权结构研究............................................................................................................................ 15 4.2在我国现阶段股权结构下公司治理机制的问题分析 ............................................................ 16 第5章 改善我国企业公司治理的建议 ............................................................................................ 17
5.1设置股权结构的基本原则 ........................................................................................................ 17 5.2改善企业公司治理的几点建议 ................................................................................................ 18
5.2.1降低国有股比例增加经理层持股 ................................................................................. 18 5.2.2培育法人股东发展战略投资人 ..................................................................................... 19
第6章 结论 ....................................................................................................................................... 20 总结与体会 ............................................................................................................................................. 22 致谢 ......................................................................................................................................................... 23
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参考文献 ................................................................................................................................................. 24 附录1 ...................................................................................................................................................... 25 附录2 ...................................................................................................................................................... 30
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