【摘要】 股权结构对于公司治理的影响,是通过影响代理成本、股东公平保护、代理权竞争以及收购兼并市场四个方面实现的,并具有对内、对外双重的状态依存性。对内的状态依存性,是指该影响因股权集中度、股东特征以及各种类型股东持有股份比例的不同而不同;对外的状态依存性,是指该影响因法律环境、市场发育状况、政府行为等外部条件而呈现不同的效果。因此,简单地认为股权分散或股权集中更优都是片面的,适合外部环境的股权结构才可能对公司治理产生良好的效果。在我国现阶段,股权集中是基于股东保护缺失的一种代偿性安排,人为地盲目分散股权,会引发严重的内部人控制以及控制权的持续争夺与变动。更多还原

【Abstract】 The impact of ownership structure on corporate governance is produced through the following four aspects; agency cost, equitable shareholder protection, proxy contest, acquisition and merger, which has dual state dependency, i. e. internal state dependency and external state dependency. The author points out that only the ownership structure that well adapts to the exterior conditions can exert favorable effect on corporate governance. Therefore it is unilateral to simply say that ownership decentralization or centralization would be better than the other. Hence, factitious decentralization of ownership would result in serious insider control or unceasing contest for corporate control.更多还原