论我国上市公司股权结构及公司治理关系.docx

AbstractThe meaning of corporate governance is extensive. Many scholarshome and abroad expound corporate governance from its concrete form,theoretical foundation, system function, and potential conflictrespectively. Scholars also introduce many kinds of theories to establishits theoretical foundation. Among them, there are two most importanttheories, namely principal-agent theory and incomplete contract theory.There exists close relation between share ownership structure andcorporate governance, share ownership structure determines the validityof corporate governance to a great extent by influencing internal andexternal mechanism of corporate governance. Because of different lawsand systems, developing level of economy and capital market, politicalculture and historical background in different countries, it has formedthree kinds of typical share ownership structure and their correspondingmodes of corporate governance, namely American and British mode,Germany and Japanese mode, and the mode controlled and supervisedby one family. Three kinds of modes absorb advantages each other andhas an inclination of convergence. While learning and drawing lessonsfrom other countries, we should follow our country’s factual conditionand set up its corresponding mode of corporate governance. Shareownership structure of the listed companies in our country mainly hasthe following problems: the state-owned shares have an overtly highpercentage, shares have a characteristic of high concentration, and thepercentage of shares that cannot circulate in the market is too high. Theirrational share ownership structure has caused a series of problems:serious controlling problem of insiders, “absence” of representatives ofthe state-owned shares, big shareholders plundering and infringing theinterests of small and medium shareholders, etc. At present, the goalorientation for improving corporate governance of the listed companiesis as follows: the maximization of shareholder’s interests and the3ma