投机倾向下的股权结构变迁

多年来我国上市公司的股权结构经历了数次大规模调整 ,在公司上市治理的过程中一再强调有效的股权结构 ,但实际治理情况不佳。其原因在于股权结构变迁是在政府诱致性政策下完成的 ,股权结构剔除非流通股成份后 ,投机者机会主义行为是构成现行股权模式的主要因素 ,由此形成的股东缺乏对公司治理机制的“关怀” ,所以提出股权结构要具有对生产要素的激励与约束能力的建议。

The Transformation of Stock Ownership Structure Under Speculation

The structure of stock ownership has been adjusted for several times.Although it emphasizes on the valid stock ownership structure constantly, it is not good to manage the situation actually. The reason lies in the transition of the stock ownership are finished under government's inductive policies. After the stock ownership structure rejects compositions of non-negotiable stocks,speculator's opportunism behavior is the main factor of forming the current stock ownership mode. The shareholder formed by this lacking of "showing care for" the mechanism of manage in company, so the author put forward that the stock ownership structure should have the ability of encouragement and restraint on the key element.