构建中国上市公司股权结构改革的制度基础

国有股“一股独大”一直被视为中国证券市场诸多问题的根源,但由于对国有股权的功能和作用缺乏清晰的了解,管理层于2001年启动的国有股减持计划遭遇了挫折。对于中国上市公司股权结构改革及其股票市场功能的充分发挥而言,最为短缺的资源依然是制度资源,包括市场秩序、法治建设以及政府管制制度等。因此,在股权分置改革基本完成的情况下,中国股票市场发展更应该重视制度基础建设。

Construct Institution Base on Chinese Listed Companies' Ownership Structure Reform:Market,Law and Regulation

The structure character that public firms controlled by state surpass others has been viewed as root of Chinese security markets' markets' vice.However,because we know little about the function of state shareholding,the project of state holding stocks reduced started at 2001 encountered frustration.At the base of evaluating the function of state shareholding objectively,this paper discussed how to construct institution base of Chinese listed companies' ownership struture reform.Under circumstance of the split share structure reform has nearly completed,the research of this paper can provide some revelation for further reform of Chinese security markets.