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上市公司股权结构优化研究

Research on Equity Structure Optimizing of the Listed Companies

【作者】 王渊博

【导师】 赵宝福;

【作者基本信息】 辽宁工程技术大学 , 企业管理, 2002, 硕士

【摘要】 我国上市公司股权结构优化研究,是股份制改革的第二次革命,其战略意义重大。本文首先在对各国上市公司股权结构特点分析的基础上,探讨了股权结构的决定因素;然后用委托代理理论、产权理论、治理理论和内部人控制理论定性分析了我国上市公司股权结构对治理机制和股市的影响,并用实证分析方法对国有股控股型、股权分散型与法人控股型与公司业绩的关系进行了比较和分析,确定国有股控股型公司应向法人控股型公司转变;在股权结构优化问题上,提出我国应增加法人和机构投资者的持股比重,实施国有股减持战略。

【Abstract】 The research on equity structure optimizing of the listed companies, which has high significance, has become the second revolution of stock system reform. This paper starts with the status quo of equity structure of countries and puts forward the causes of deciding equity structure. It analyses quantitatively the effects of governance system and stock market resulting from equity structure in the listed companies with exercising the principal-agent approach, the theory of property right, governance system theory, and theory of managerial internal control. The paper empirically analyses the correlate relations of three companies and performance. On optimizing equity structure, the paper puts forward China should carry out the state-owned equity holding reduction strategies and add up to the ratios of institutional shareholders.

【关键词】 股权结构优化治理机制
【Key words】 Equity StructureOptimizeGovernance System
  • 【分类号】F832.5
  • 【下载频次】197
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