我国上市公司股权结构对公司治理影响研究.pdf

Abstract The stock market has been the most rapidly developing area，which is most influential to the society of China since t990s，While the irrational ownership structure ofthe listed companies in China has showed its abuse：not only restricted the development of corporate governance and influenced the firm performance negatively，but simplified the function of the stock market．Thus，how to optimize the ownership structure has been the impertinent matter in China． The thesis has retrospected the ownership structure actuality of the listed companies in China and showed its irrationality statistically．From the view of system，theory and practice，it tends to find the cause ofthe ownership structure．It points out that the main reason is Otlf escape from the conflict ofthe economic system reform From the relation between the corporate performance and corporate governance，this thesis analyzes the loss and limitation of the corporate governance caused by the irrational ownership structure．It concludes that the irrational ownership structure will damage the incentive system，supervising system and inside restriction system of the listed companies． The thesis has made an empirical study on the ownership structure and firm performance of China The result disagrees with the studies made by many scholars both in China and abroad，which shows that how to optimize the ownership structure is qmte impertinent． The thesis takes the corporate governance and ownership structure in certain developed countries as reference，and considers the model of relative-controlled ownership structure．as an example of the ownership structure in China Based on that，the thesis makes some suggestion on the optimization ofthe ownership structure in our countl-y． Key words：listed companies，ownership structure，corporate governance，firm performance 我国上市公司股权结构对公司治理的影响研究 1’1．我国股票市场的发展 第一章、绪论 20世纪90年代以来，随着市场规模的迅速扩张和经济功能的目益完善，股票 市场已经成为影响我国社会经济生活的重要内容，其影响范围之广、所涉及的领 域之深、弓l起的争议话题之多，构成了中国在经济转型期的一道独特的“风景线”。 回顾我国股票市场的发展，它