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股权结构、公司治理与企业价值

  • 简介: 原文 此外,国内上市公司非流通股结构的形成机制和流通约束影响法人股的公司治理行为。(1) 国内上市公司多元或分散的法人股权结构形成机制并非国外公司上市前后根据竞争环境和融资需要动态、商业化选择,而是主要由国有或法人控股股东按照股份...
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此外,国内上市公司非流通股结构的形成机制和流通约束影响法人股的公司治理行为。(1) 国内上市公司多元或分散的法人股权结构形成机制并非国外公司上市前后根据竞争环境和融资需要动态、商业化选择,而是主要由国有或法人控股股东按照股份有限公司设立要求选择或安排,通常将客户、供应商、业务相关的金融机构或集团下属的关联企业选择为法人股东,形成名义上多元、分散的法人持股结构,控股股东以外的单独一家法人股的比例通常比例低。因此,基本上是第1大股东控制。例如,胜利股份1999年末10大股东中,除两家后来进入的证券投资基金持有5%的股份外,其他股东都直接或间接为胜利体系成员。尽管胜利股份第一大股东持股仅为24%,但“胜利体系”实际控制的股权远远高于此比例;(2) 参与股份公司设立的法人股与控股股东股权一样不能上市流通,又没有控股股东的内部关联利益;(3) 不少法人股股东与控股股东有业务往来关系,入股往往为了保持业务关系。大多数法人股东缺乏积极参与治理、改善公司业绩的激励和能力。因此,仅以上市公司名义上的股权比例来说明股权结构与经营业绩及其市场价值的相关关系很不可靠,其结果难以断定国有股一股独大对经营业绩是否存在负面效果。此外,国有控股的境外上市公司同样一股独大,但其投资、关联交易和红利分配行为比国内A股公司规范得多。
实际上,不同股权结构的上市公司经营目的和管理行为相似,例如,(1)大多数上市公司都宣称主业单一的风险,致力于寻求新的利润增长点,追求多元化,希望通过持续融资实现持续发展;(2) 利润管理行为盛行。一方面努力达到配股资格的会计业绩要求,另一方面,获得较高的配股或增发新股的价格。上海证券交易所研究部2000年一项大范围的问券调查显示:国内上市公司内部治理特征相似,普遍是关键人大权独揽的控制模式,法人治理结构基本上有名无实,形同虚设。关键人往往是控股股东代表、公司最高级管理人员。例如,长虹董事长倪润峰、海尔董事长张瑞敏、春兰董事长陶建幸,这些权威的强人是企业发展壮大的首要功臣,也是企业价值的重要驱动因素。可以想象,这些公司的法人股在公司治理和经营业绩改善方面能起多大作用呢。


  目录

一.问题提出
二.股权结构与公司治理
三.股权结构与经营业绩和企业价值的相关性


  参考资料

参考文献
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