上市公司股权结构研究

【作者】 徐莉萍；

【导师】 何进日；

【作者基本信息】 湖南大学 ， 会计学， 2002， 硕士

【摘要】 对成长于不成热市场的我国上市公司的股权结构进行研究，具有重大的现实意义。 本文首先在列示上市公司不规范行为的种种表现及其对证券监管的冲击的基础上，剖析了上市公司非规范问题产生的原因，认为：证券市场参与各方目标错位，不完备的上市公司准入与退出机制以及不健全的保护中小股东权益的法律机制是其外部原因，而上市公司资本结构和股权结构不合理是其内部原因或根本原因。 其次分析了不合理的公司股权结构对公司财务管理的影响，包括对公司筹资与投资、分配以及激励政策的影响。 再次运用制度经济学原理透视了股权结构新变化的原因在于：国有股场外协议转让给非国有股东，增发社会公众股，国有股回购、配售、国有股放弃配股或大比例转配，职工股和转配股上市使流通股比例大增等，提出对股权结构变化的几点启示和建议。其中最重要的一点是，政府规范股权结构需要制度创新，给与国有股减持以政策的支持，使上市公司国有股减持方案有一个游刃的空间。 此外降低国有股比重可以不通过国有股直接上市方式直面冲击证券市场，而采用增量稀释存量和存量重组等方式，存量改革并重等，并认为治理财务报告粉饰和完善公司治理结构是实施国有股减持方案所要完成的使命。更多还原

【Abstract】 The study, concerning the stockholder equity structure of the Iisted company on the immature market, is of great significance.First, the thesis analyses the reasons for non-standard problems in the listed company, based on listing the various non-standard behaviors and their shocks on the control and management of securities, and thinks that the mat positioned aims of various participators in the securities market, the imperfect mechanism of allowance and withdrawal and the irregular legal mechanism of protecting the right of medium-and-sma11 stockholders are its external reasons, and that the structure of the capital and the stockholder equity of the listed company is unreasoning is its internal or basic reason .Secondly, it analyses the influences of the unreasoning stockholder equity structure on the financial management, including on raising funds and investment, re-constitution, distribution and policies of encouragement.Thirdly, it, implying the knowledge of system-economics, makes a thorough analysis and finds that adding public stocks and retrieving state-owned stocks and increasing the rate of the negotiable, stocks and so on are the reasons for the new changes of stockholder equity structure.Final Iy, it puts forwards some suggestion on the new changes, holding that, above all, the standardization of the stockholder equity structure needs making innovations of the system, supporting the pot icy of reducing the holding of the state-owned stocks, making free room for the program, besides, the reform of the existing quantity and the added quantity can be carried out at the same time etc, it also thinks that control I ing the whitewash of the financial reports and perfecting the managing structure of the company and smoothing the financial relations and so forth are the tasks of the accompl ishment of the program of reducing the holding of the state-owned stocks .更多还原