我国上市公司股权集中模式下的股权制衡问题——兼议大小非解禁带来的股权结构转型契机

实证分析表明,大小非解禁虽然已持续近两年的时间,但我国上市公司现阶段的股权结构总体上仍呈现出高度集中的特点。然而,变革中的市场、法律和政治所形成的合力将推动我国上市公司的股权结构总体上从高度集中模式向相对集中模式逐渐转型。我国上市公司现阶段高度集中的股权结构阻碍了公司内部治理机制以及市场机制作用的有效发挥,引发了较为严重的公司治理问题,股权结构的转型为公司治理问题的缓解提供了契机。相对集中的股权结构有多种类型,比较而言,既有控股股东又有制衡股东的股权结构更有助于改善公司治理绩效,因此,它应当成为大小非解禁过程中政策引导的目标。

On Share Balancing under Share-Centralizing Model of China's Listed Companies

Empirical analyses show that the ownership structure of Chinese listed companies still presents the characterisitcs of high centralization at present after two years of listing of non-circulation stocks.How- ever,the resultant force of market,law and politics is turning the ownership structure of our contury's listed companies into a relative centralization pattern.Since the high centralization pattern has hindered the internal mechanism of corporate governance and the maket mechanism exerting their functions and led to severe cor- porate governance problems,the transformation of ownership structure provides an opportunity for allevia- ting.Comparatively,the pattern with controlling shareholder and balancing shareholder is more beneficial for improving the performance of corporate governance,therefore the relative centralizaiton pattern of own- ership structure should be the objective of policy orientation during the listing of non-circulation stocks.