我国上市公司治理结构与融资问题研究.docVIP

PAGE PAGE 17 题目 我国上市公司治理结构与融资问题研究 摘 要 我国上市公司股权结构较为复杂，且国有股比重偏高，流通股比重过低，散户投资者偏多，机构投资者偏低，使得股票市场化资源配置的功能被大大消弱；同时，我国企业债券市场发育缓慢，国债市场占主导地位，使得我国上市公司融资工具过于单一，银行贷款成为主渠道。这些融资结构问题直接导致我国上市公司在治理结构上表现为内部人控制问题严重，激励和监督机制不健全，机构投资者发展滞后。我国上市公司融资结构有所缺陷的根本原因正在于合格监控者的缺位，融资结构的缺陷又进一步恶化治理结构状况。因而，要建立有效地公司治理结构，必须建立以机构投资者和企业法人入股东为主导的股权模式以及主债权人和银行积极监控的债券模式。只有内部治理机制和外部治理机制相结合的共同治理模式才是我国企业治理优化方向，才能从根本上变革我国企业的融资结构，塑造出合格的监控主体。 关键词：上市公司；股权结构；融资结构；治理结构  Abstract Listed companies in China equity structure is relatively complex, and the proportion ofstate-owned shares proportion is high, low, retail investors partial much lower, institutional investors, make the stock market resources allocation function was greatly weakened, At the same time, our country enterprise bond market development is slow, Treasury market dominant, makes the listed companies in China financing tools too onefild, bank loans become main channel. These financing structure problems directly lead to Chinas listed companies in the governance structure on expression is serious problems in insider control, incentive and supervision mechanism and institutional investors development lags behind. Chinas listed companies financing structure has the root causes of the defects in the lack of qualified monitoring, financing structure defects and further deterioration governance structure condition. Therefore, to establish effective corporate governance structure, must establish to institutional investors and an enterprise as a legal person into the shareholder dominated equity mode and main creditor and bank actively monitor bonds mode. Only internal governance mechanism and external governance mechanism of combining co-governance mode are our corporate governance optimization direction to fundamentally change our country enterprises financing structure, shaping qualified monitoring main body. Keywords: the listed company equity structure financing governance structure 1 引言 1.1 问题的产生与意义 企业融资结构是指企业各项资金来源地综合状况，即企业不同融资方式的