股权结构异质性与治理效率：前沿理论与实证研究评述

股权结构是公司治理制度安排对外部环境不确定性的一个动态反应过程,其异质性特征影响企业的治理行为,产生收益与成本。在经济转型背景下,基于股权结构的公司治理效应研究非常普及,通过影响和塑造公司治理行为选择而影响整个经济系统。本文以股权结构异质性为主线,对股权结构类型、非控制性大股东、股东合谋和终极股权四个维度,结合中国情境下的股权结构异质性的应用研究进行文献梳理与述评,以期为我国公司治理制度下发挥股权结构的治理效应提供借鉴与启示。

Heterogeneity of Ownership Structure and Governance Efficiency: A Review of Frontier Theory and Empirical Evidence

Ownership structure is the response to corporate governance mechanism in dynamic external environment of uncertainty, The heterogeneity of the ownership have an effect on corporate governance practices, which further generate revenue and costs. In the context of economic transition, corporate governance research on the effect of ownership structure is very popular, which influencing and shaping corporate governance behavior choices affect the whole economic system. In this paper, we survey the heterogeneity of the shareholding structure comes from the type of ownership structure, coalition of shareholders and ultimate ownership, combing with the results of applied research on heterogeneous ownership structure in the Chinese context, in order to provide suggestion on our corporate governance institution which play a governance effect of ownership structure.