| 国外关于最优股权结构与股权制衡的文献综述 |
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| 引用本文： | 王奇波,宋常.国外关于最优股权结构与股权制衡的文献综述[J].会计研究,2006(1):83-88. |
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| 作者姓名： | 王奇波 宋常 |
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| 作者单位： | 中国人民大学商学院会计系,100872 |
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| 基金项目： | 郝旭光教授主持的国家社会科学基金项目“中国资本市场监管有效性研究”(批准号05BJL028)的阶段性成果。 |
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| 摘 要： | 国外关于最优股权结构的研究导致了股权制衡理论的出现。制衡的股权结构有助于解决公司治理的两类委托代理问题。本文的研究发现:(1)和传统的认识不同,多个大股东相互制衡的股权结构是普遍存在的;(2)从理论上来说,股权制衡是股权结构的一种均衡状态,在上市公司与非上市公司,家族企业与非家族企业中均存在;(3)股权制衡有助于限制大股东对小股东的掠夺行为,减少控制权溢价,对企业的绩效有正面的影响。
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| 关 键 词： | 股权结构 最优股权结构设计 股权制衡 公司治理 |
The Survey About Theory Of The Optimal Shareholder Structure Design And Power Balance With Shareholder Structure |
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| Wang Qibo.The Survey About Theory Of The Optimal Shareholder Structure Design And Power Balance With Shareholder Structure[J].Accounting Research,2006(1):83-88. |
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| Authors: | Wang Qibo |
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| Abstract: | The study about theory of the optimal shareholder structure design leads to the theory of the power balance with shareholder structure.Power balance with several big shareholders may solve the two principle-agency problem.Our study has findings below.Fist,power balance with several big shareholders is the common shareholder structure in US and Europe.Second,the power balance with shareholder structure is one of the balanced solution of shareholder structure and the best of that.Third,the power balance with shareholder structure can help to limit the private profit of big shareholders. |
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