文档介绍：湘潭大学
硕士学位论文
论我国上市公司股权结构与公司治理的关系
姓名:龙翠红
申请学位级别:硕士
专业:股份经济与证券投资
指导教师:田银华
20050508
摘要
公司治理的涵义广泛,国内外众多学者分别就公司治理的具体
形式、理论基础、制度功能、潜在冲突这几个方面进行阐述。学者
们还引入了多种理论,奠定了公司治理的理论基础,其中,最重要
的两个理论是委托代理理论和不完全契约理论。股权结构与公司治
理之间存在紧密联系,股权结构通过影响公司内外治理机制,在很
大程度上决定公司治理的有效性。由于各个国家法律和制度、经济
及资本市场发育水平、政治文化及历史背景的不同,国际上形成了
三种典型类型的股权结构及相应的公司治理模式。三种模式相互吸
收各自的优点,呈现出趋同的趋势。我国上市公司的股权结构存在
国有股“一股独大”、股权高度集中、未流通股比重过高等突出问
题,导致公司治理实践中出现“内部人控制”严重、国有股东代表
“缺位”、大股东掠夺侵害中小股东利益等一系列问题产生。目前,
改善上市公司治理的目标取向有两种,即股东利益最大化与利益相
关者利益最大化。考虑到我国上市公司中存在的具体问题,我国改
善上市公司治理的目标取向应该为股东利益最大化。改善上市公司
治理的必要途径是优化股权结构。其具体方法有:重塑国有股东合
格主体,实行国有股减持,建立多元化投资主体的股权制衡,构建
适度集中的股权结构。

关键词:上市公司;股权结构;公司治理

2
Abstract
The meaning of corporate governance is extensive. Many scholars
home and abroad expound corporate governance from its concrete form,
theoretical foundation, system function, and potential conflict
respectively. Scholars also introduce many kinds of theories to establish
its theoretical foundation. Among them, there are two most important
theories, namely principal-agent theory and plete contract theory.
There exists close relation between share ownership structure and
corporate governance, share ownership structure determines the validity
of corporate governance to a great extent by influencing internal and
external mechanism of corporate governance. Because of different laws
and systems, developing level of economy and capital market, political
culture and historical background in different countries, it has formed
three kinds of typical share ownership structure and their corresponding
modes of corporate governance, namely American and British mode,
Germany and Japanese mode, and the mode controlled and supervised
by one family. Three kinds of modes absorb advantages each other and
has an inclination of convergence. While learning and drawing lessons
from other countries, we should follow our country’s factual condition
and set up its corresp