法律、制度与上市公司最佳股权结构

国内外绝大部分研究者支持股权集中度与投资者法律保护之间的替代假说,认为适度的股权集中有利于公司治理和公司绩效。公司治理效率与否,与其初始治理结构关系重大,但法律及制度对公司股权结构有重大影响。根据我国目前的国情,多个大股东并存的股权集中模式是全流通时代我国上市公司股权结构的最佳选择。可以通过两种途径对我国上市公司的股权结构进行引导:一是通过制定法律,鼓励法人间的相互持股,并提高司法体制的效率;二是寻求功能替代性的制度安排,比如鼓励上市公司股票发行方式的变革、鼓励资产重组、引导外资收购等。

Law, System and the Best Structure of Stockholder's Rights in Listed Companies

Researches at home and abroad support the alternative hypothesis between stock right concentration and legal protection of investors. They believe that the appropriate concentration can benefit corporate governance and company performance. The efficiency of corporate governance structure has a very important relationship with its initial structure, but the legal and institutional structure of the company has a significant impact on the company structure. According to the present conditions in China, the best choice of ownership structure in the listed companies is to have the equity concentrated in few major shareholders. This model can guide the perfection of ownership structure through two ways. Firstly, through the formulation of laws it encourages corporate cross-shareholdings, and improves the efficiency of judicial system. Secondly, it helps to seek alternative arrangements for the system, for example by encouraging listed companies to change the way of issuing shares, reorganize the assets, and encourage foreign acquisitions.