【作者】 李宝永；

【导师】 吕有晨；

【作者基本信息】 吉林大学 ， 企业管理， 2004， 硕士

【摘要】 有效的公司治理结构能在公司中形成一套监督、评价、激励和约束机制，从而对公司的经营绩效产生重大影响。股权结构是公司治理结构的重要组成部分和基础，股权结构的调整不仅是公司治理行为的重要方面，其目的更在于实现公司的有效治理和股东利益的最大化。基于此目的，在对股权结构与公司治理概念等诠释的基础上，笔者在比较西方经济发达国家成功公司治理范式基础上，结合我国上市公司的实际，创作了这篇论文，意在对中国上市公司股权结构与公司治理的改革有一定的借鉴意义。本文有三大部分，现分述如下：一、股权结构与公司治理（一）股权结构及其类型公司的股权结构是指公司股东的构成，包括股东的类型及种类股东持股所占比例，股票的集中或分散程度、股东的稳定性、高层管理者的持股比例等。持股比重决定了股东的影响力、股东行使权利后的获利份额、股东的行为能力、股东的权利行使成本等四个方面。股权结构从持股量上分为高度集中型、过度分散型、适度分散型等三种类型。（二）公司治理与公司治理结构公司治理问题是基于现代公司所有权和控制权分离的情况下，所有者和经营者之间的委托代理关系而产生的，它的关键是公司控制权的分配和权力制衡、经营者约束与激励机制的建立；而公司治理结构常常指解决上述问题的组织结构、体制或制度。本文是从股权结构理论出发研究公司治理，因此主要涉及的是公司内部治理结构，即所有者对企业经营者进行监督和控制的一整套制度安排。（三）股权结构安排与公司治理公司治理是一整套赖以指导和控制公司运作的制度和方法，而股权结构则是决定公司治理机制的有效性的基础。作为股权结构安排的外在表现<WP=50>和维护机制，目前公司治理的发展趋势是逐步注重对股权结构和利益相关者的考虑。我国公司治理中目前存在着两个基本代理问题：一是控制性国家股东与广大小股东之间的代理冲突；二是由所有者缺位引起的，表现为内部人控制的国家股东与国家股自然人代表之间的代理冲突。（四）股权结构与公司治理结构模式的国际比较美、英推崇古典经济学的理念，注重资本市场在资本配置和公司治理中的作用，同时采用严格的规制。日、德注重发挥银行和大投资者在资本配置和公司治理中的作用，同时采取较为宽松的规制。不同的股权结构会形成与之相应的治理方式，即股权分散的公司治理和股权集中的公司治理。二、国有上市公司股权结构安排及产生的治理问题（一）国有上市公司的股权分类我国国有上市公司的股票按投资主体不同可分为：国家股、法人股（境内法人股、外资股和募集法人股）、公众股和外资股。（二）我国上市公司股权结构特征我国上市公司股权结构特征非常明显，主要表现在：股票种类繁多，流通性多；国有股比例总体占绝对优势，已上市公司的国有股比例呈现下降趋势；上市公司大股东股权高度集中与公众股股权高度分散；国有大股东的所有者缺位，进一步产生代理问题和损害中小股东利益两个互相交叉的问题等特点。（三）股权结构特征引发的公司治理问题以“国有股一股独大”、股权集中度过高为主要特征的中国上市公司股权结构，对公司治理形成了不少负面影响。主要表现在：内部人控制——导致经营权滥用；过度集中，大股东控制——导致控制权滥用；使我国上市公司的治理结构并未形成有效的制衡机制。三、优化股权结构与改善公司治理 <WP=51>（一）改善中国上市公司治理结构的建议根据我国的公司治理状况，结合国际经验，在改善公司治理方面要重点关注以下几个问题。1.股权结构的调整是改善公司治理的基础 我国上市公司的股权结构调整主要是解决两方面问题，一是通过国有股减持或国有股的分散持有形成股权利益的一致性和单一性——资本收益的最大化；二是通过解决流通股和非流通股的分割问题真正形成股权的平等性——同股同权同价。　　2.重视董事会的建设在明确董事会职能的前提下，进一步完善董事会制度要在借鉴其他国家董事会制度的经验基础上，充分考虑我国证券市场的特殊性及当前公司治理所面临的股权结构、股权性质及现有制度设计中的一些问题，在以下三个方面取得突破。一是要通过重建公司董事会探索国有资产的委托代理关系和合理的股权结构形式；二是要通过引入独立董事进一步增强董事会的独立性，防止大股东对小股东的利益侵害；三是要通过在董事会下建立执行、审计、薪酬和提名等专门委员会，一方面更好地发挥董事的专业优势、提高上市公司的决策质量，另一方面将有助于上市公司股东对董事进行评价，从而强化对董事的约束力，增强董事的责任感。3.监管部门的积极推动在改善公司治理方面发挥着重要作用监管部门承担起两方面的责任，一是会同有关部门共同研究解决上市公司所面临的股权结构、股权性质方面的问题，为上市公司的健康发展铺平道路；二是要在借鉴国际经验基础上，结合我国上市公司实际，通过各种措施（比如对上市公司的信息披露制度进一步规范等）引导并推动上市公司完善公司治理的实践。(二)对股权结构优化的一般认识股权结构优化是对现有股权结构进行调整，以期达到未来少数大股东联盟控制?更多还原

【Abstract】 An effective company management mechanism can help establish a set of supervising, appraisal, stimulating and restriction system, which will have great influence on the company’s accomplishment. Adjustment of the mechanism of ownership of share, a basic and integral part of a company, is to achieve effective company management and to maximum benefits of the stockholders. This thesis explains the concepts of share ownership mechanism and company management at length. On the basis of explanation on concepts of share ownership mechanism and company management as well as a comparison between the successful company management patterns in some developed western countries and the situation of Chinese listed companies, this thesis has been written in expectation to provide some suggestions for the reform of share ownership mechanism in listed companies and of company management. The whole article is divided into 3 parts. Part ⅠSHARE OWNERSHIP MECHANISM AND COMPANY MANAGEMENT1.Concept and types of share ownership mechanismThe share ownership mechanism refers to the constitution of a company’s shareholders, the stability of shareholders, the proportion of shares owned by summit administrative staff, etc. Proportion of shares is decisive to the influence of stockholders, profits allocated to shareholders as well as equity of the shareholders. In term of the distribution of shares, stock ownership mechanism can be divided as highly centralized, over dispersed and moderately disperse. 2. Company management and company management mechanism <WP=54>The subject of company management was born based on the separation of company’s ownership and power of company control as well as the entrusting and surrogating relationship between the owners and managers. Key to the company management is the establishment of a system of distributing controlling power and restricting the power together with the set-up of restraint and stimulation system. Organizing structure, system and regulation of the problems mentioned above constitute major parts of company management. Since this dissertation is written on the base of share ownership mechanism theory, the major concern of this article is the inner management mechanism of a company, which is a set of regulations regarding the operators’ the monitoring and controlling over the company. 3.Arrangement of share ownership mechanism and company management Company management is a set of regulations and methods concerning supervising and controlling the company while share ownership mechanism is a basic factor determining the effectiveness of company management mechanism. As a system demonstrating and protecting the arrangement of share ownership mechanism, company management is paying more emphasis to share ownership mechanism and those relevant to the company’s profits. There are two existing basic problems about surrogating. One is the conflict between the prominent state shareholders and minor shareholders; the other is the conflict between the state holders controlled by staff in the company and the natural representatives of the state-owned shares caused by lack of owners. 4.Comparison of share ownership mechanism and company management mechanism pattern between countriesWith classical economics as ideas they admire, the American and the British attach great importance to the role of capital market in capital allocation and company management and adopt strict regulation. The situation is different <WP=55>in Japan and Germany, they emphasize on the role of bands and big investors in capital allocation and company management and adopt relaxed rules. Different share ownership mechanism may lead to different ways of management accordingly, including management with dispersed share ownership and centralized share ownership. Part Ⅱ ARRANGEMENT OF SHARE OWNERSHIP MECHANISM IN STATE-OWNED LISTED COMPANIES AND RELATED PROBLEMS OF MANAGEMENTClassification of share ownership in state-owned listed companiesIn terms of investors, stocks of state-owned listed companies in China can b更多还原