CAJ | 학술논문

股权投资的分散化和大众化、股市“价差”巨大、股票筹码化，引发上市公司股权异化，具体表现为资产收益权由追求公司股息红利异化为追求股票价差，表决权异化为中小股东的“鸡肋”和大股东操控公司的攫利工具。股权异化，侵蚀公司治理机理，妨碍资本市场融资与资源优化配置功能的有效发挥，阻碍市场经济健康发展，危害巨大。运用实证方法，分析股权异化征象，揭示危害与成因，探索治理对策，消除股权异化危害，完善上市公司治理机制，以充分发挥上市公司对社会主义市场经济建设与发展的促进作用。
고권투자적분산화화대음화、고시“개차”거대、고표주마화，인발상시공사고권이화，구체표현위자산수익권유추구공사고식홍리이화위추구고표개차，표결권이화위중소고동적“계륵”화대고동조공공사적확리공구。고권이화，침식공사치리궤리，방애자본시장융자여자원우화배치공능적유효발휘，조애시장경제건강발전，위해거대。운용실증방법，분석고권이화정상，게시위해여성인，탐색치리대책，소제고권이화위해，완선상시공사치리궤제，이충분발휘상시공사대사회주의시장경제건설여발전적촉진작용。
The decentralization and popularization of equity investment, the ups and downs of stock market with its huge price gap, and the tendency of bargaining chip stocks, contribute to the alienation of shareholder＇s rights in the listed companies. Specifically speaking, the capital gain right of equity focuses on the pursuit of price gap instead of the pursuit of dividends, and the right to vote alienates into the ＂chicken ribs＂ for minority shareholders and the tool of manipulation for major shareholders. The alienation of shareholder＇s rights does great harm for it erodes the corporate governance mechanism, impedes the financing on the capital market and the optimal allocation of resources, and hinders the healthy development of market economy. With empiri- cal methods, this paper analyzes the phenomenon of the alienation of shareholder＇s rights, reveals its hazards and causes, and ex- plores the countermeasures to eliminate the hazards of equity alienation and improve the corporate governance mechanism in the listed companies so as to give full play to the role of listed companies in contributing to the construction and development of healthy socialist market economy.