上市公司财务行为异化与股权分置改革

我国上市公司“一股独大”的股权结构使得股东大会的权力事实上转移到了大股东手中,股东大会基本上体现了大股东的意志。在股权分置改革前,大股东股份不能流通,其价值由每股净资产体现,大股东这种与中小流通股股东价值相背离的价值观成为我国上市公司财务行为异化的根源。股权分置改革将使得大、小股东的财务冲突得到极大缓解,有利于上市公司财务行为的规范。

Financial Behavior Alienation and Reform of Split Share Structure in the Chinese Listed Companies

The equity structure of"domain stockholder" leads to the fact that the power of stockholders conference has been shifted to large stockholder and the decisions made by stockholders conference usually reflect the will of the large stockholders.The large stockholders' equity can't circulate openly in the capital market before the reform of split share structure so its value is measured by net asset value each shares.The value's separation between large stockholders and minority or medium stockholders was the source of the listed companies' abnormal financial behaviors in China.The reform on split equity structure which is carried on in China will alleviate the financial conflict between the large stockholders and the minor ones,and help to normalize the listed companies' financial behaviors.