CAJ | 학술논문

股权分置改革后,对股权分置问题的研究,从应否改革、如何改革等问题,转到改革后我国控制权市场能否走上健康发展的轨道,控制权市场外部治理机制能否有效约束公司管理层和大股东的行为等问题上来。本文就我国上市公司控制权市场的公司治理效率进行了实证研究,得出了股权分置改革前后我国上市公司控制权市场低效率的研究结论。
고권분치개혁후,대고권분치문제적연구,종응부개혁、여하개혁등문제,전도개혁후아국공제권시장능부주상건강발전적궤도,공제권시장외부치리궤제능부유효약속공사관리층화대고동적행위등문제상래。본문취아국상시공사공제권시장적공사치리효솔진행료실증연구,득출료고권분치개혁전후아국상시공사공제권시장저효솔적연구결론。
Now,the research to the problem of split share structure, should from the issues of whether should reform,how reform,etc.,turn into such questions whether the corporate control market of China could get onto the right track of sound development after the reform,whether corporate governance efficiency of corporate control market could get great improvement,etc. Using data from China listed company ,this paper researches the efficiency of corporate governance of listed company control market in China, finds that the Chinese market for corporate control is week efficient before and after reform of non-tradable shares.