CAJ | 학술논문

文章采用案例分析和追溯控制链的终极所有权研究方法，分析俄罗斯后私有化时期上市公司股权结构的特征，从公司治理结构的视角评价了私有化改革的效果。研究结果表明，俄罗斯上市公司的股权结构极度不透明，私人投资者以匿名的方式利用代理公司和境外离岸公司在背后间接控制上市公司；从终极所有权的角度看，俄罗斯企业的私有化程度非常低，其实质是俄罗斯政府改变了对企业控制的方式，即由过去的政府直接持股，转变为主要通过金字塔结构和其他控制权安排（比如“黄金股票”）的间接控制；通过与中国上市公司股权结构的比较，文章发现两国上市公司的股权结构都表现出高度集中、政府机构最终控制的特点。对中国而言，国有企业改革是一个循序渐进的过程，应避免俄罗斯快速民营化所产生的不良后果，加强上市公司股东信息披露制度建设。另外，中国政府可借鉴俄罗斯的方式采用黄金股票等手段监控在国民经济中发挥重要作用的非大型企业。
문장채용안례분석화추소공제련적종겁소유권연구방법，분석아라사후사유화시기상시공사고권결구적특정，종공사치리결구적시각평개료사유화개혁적효과。연구결과표명，아라사상시공사적고권결구겁도불투명，사인투자자이닉명적방식이용대리공사화경외리안공사재배후간접공제상시공사；종종겁소유권적각도간，아라사기업적사유화정도비상저，기실질시아라사정부개변료대기업공제적방식，즉유과거적정부직접지고，전변위주요통과금자탑결구화기타공제권안배（비여“황금고표”）적간접공제；통과여중국상시공사고권결구적비교，문장발현량국상시공사적고권결구도표현출고도집중、정부궤구최종공제적특점。대중국이언，국유기업개혁시일개순서점진적과정，응피면아라사쾌속민영화소산생적불량후과，가강상시공사고동신식피로제도건설。령외，중국정부가차감아라사적방식채용황금고표등수단감공재국민경제중발휘중요작용적비대형기업。
This paper analyzes the characteristics of the ownership structure of listed companies in Russia in the post -privatization period using the methods of case analysis and tracing the chain of control to the ultimate owners in order to evaluate the effects of privatization reform from the perspective of corporate governance struc- ture. The conclusions show that the ownership structures of Russian companies are extremely opaque. Private investors indirectly control listed companies behind nominees and offshore firms by means of anonymous hold- ings. From the perspective of ultimate ownership, the degree of privatization in Russia is very low. Actually the Russian government changed the control arrangements from direct control to indirect control mainly by using a pyramid structure and other arrangements （for example, golden shares）. Comparing the ownership structure of listed companies in China, we find that the ownership structures of the two countries are both highly concentrat- ed and under the ultimate control of government agencies. In China, the reform of state - owned enterprises is a gradual process, and we should avoid the adverse consequences of rapid privatization that happened in Russia. We should strengthen the construction of an information disclosure institution for shareholders in Chinese public companies. At the same time, the Chinese government can draw lessons from Russia by way of golden shares and other means to monitor the not so large enterprises that play an important role in our national economy.