社会科学
社會科學
사회과학
Journal of Social Sciences
2011年
10期
39~44
,共null页
股权集中度 变化趋势 创始股东话语权 资本市场 股权相对分散
股權集中度 變化趨勢 創始股東話語權 資本市場 股權相對分散
고권집중도 변화추세 창시고동화어권 자본시장 고권상대분산
Equity Concentration; Changing Trend; Funding Shareholders' Discourse Power; Capital Market; Relatively Scattered Equity
中国公司不论是上市公司还是非上市国有与民营公司,都具有股权高度集中的显著特征。而股权高度集中与中国公司治理结构存在的种种缺陷在很大程度上是一种因果关联。随着经济与证券市场的发展,股权呈现出由集中向分散发展的变化趋势。股权相对分散使公司治理的内部与外部机制更能充分地发挥监督制衡作用,是当代公司相对理想的一种选择。股权集中度的变化需要一定的环境与条件创造,如法律制度的完善、资本市场与经理人市场的发展等。尤其应借鉴国外法律,赋予创始股东更多话语权与控制权,促进股权相对分散局面形成。
中國公司不論是上市公司還是非上市國有與民營公司,都具有股權高度集中的顯著特徵。而股權高度集中與中國公司治理結構存在的種種缺陷在很大程度上是一種因果關聯。隨著經濟與證券市場的髮展,股權呈現齣由集中嚮分散髮展的變化趨勢。股權相對分散使公司治理的內部與外部機製更能充分地髮揮鑑督製衡作用,是噹代公司相對理想的一種選擇。股權集中度的變化需要一定的環境與條件創造,如法律製度的完善、資本市場與經理人市場的髮展等。尤其應藉鑒國外法律,賦予創始股東更多話語權與控製權,促進股權相對分散跼麵形成。
중국공사불론시상시공사환시비상시국유여민영공사,도구유고권고도집중적현저특정。이고권고도집중여중국공사치리결구존재적충충결함재흔대정도상시일충인과관련。수착경제여증권시장적발전,고권정현출유집중향분산발전적변화추세。고권상대분산사공사치리적내부여외부궤제경능충분지발휘감독제형작용,시당대공사상대이상적일충선택。고권집중도적변화수요일정적배경여조건창조,여법률제도적완선、자본시장여경리인시장적발전등。우기응차감국외법률,부여창시고동경다화어권여공제권,촉진고권상대분산국면형성。
There is a remarkable feature in China that highly centralized equity exists in both the listed and non-listed companies no matter it is state-owned or private.It is a reason in a large extent that the highly centralized equity is closely related with the defects of corporate governance structure.With the development of economy and security market,there is a changing trend that the equity is becoming scattered from concentration.To scatter equity relatively is an ideal choice for companies today,because the internal management mechanism and exterior governance mechanism can play supervision and restraint function.The change of equity concentration needs certain environment conditions such as the perfection of legal system,the development of capital market and professional manager market and so on.We shall learn experience from foreign legal system to endow with discourse power and control power to the funding shareholders,which can form the equity to be relatively scattered.