我国上市公司资本结构的产权制度分析

国家主导下的基本产权制度变迁过程中，各产权主体争夺共同财产的博弈决定着我国上市公司资本结构的演进和现状，而这种资本结构造成了：宏观上整个社会产权配置错位，国家控制了过多的社会经济资源，社会经济效益下降；微观上企业内外产权配置错位，企业价值下降。随着经济转轨的深入，国家由优化资本结构的发动者变成了优化资本结构的阻碍。因此，国家控制权是优化上市公司资本结构的关键之一，不放弃控制权的国有股减持是没有意义的。

Analysis on equity system of capital structure of China's listed companies

In the process of basic equity system evolution oriented by Chinese Government, the game for each equity to compete for joint property determines the evolution and the status quo of capital structure of China＇ s listed companies. Furthermore, this kind of capital structure leads to the malposition of totally social equity allocation on macro-level and to government＇ s control of too many social and economic resources and to the decrease of social and economic benefit and to the malposition of internal and external equity allocation of enterprises on micro-level and to the declining of enterprise＇ s value. With the deepening of economic transition, the government＇ s controlling right becomes the barrier of optimizing capital structure from initiating the optimization of capital structure. Thus, the abolishment of the government＇ s controlling fight is one of the keys to optimizing capital structure of listed companies.