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本文选用 1998 年以前上市的所有 A 股公司作为样本,对样本公司的股权特征与董事会领导结构之间的关系进行了研究。研究结果表明:(1)董事长和总经理两职合一模式的公司比例在逐年下降;(2)含有国家股和国家股比例越高的公司越倾向于总经理和董事长两个职位由同一个人担任;(3)由母公司控股以及中央和部委所属的公司更倾向于由大股东董事长同时担任上市公司董事长;(4)控股股东持股比例越高,控股股东董事长担任上市公司董事长的可能性就越大。
This article selects all A-share companies listed before 1998 as samples, and studies the relationship between the ownership characteristics of the sample companies and the leadership structure of the board of directors. The results of the study show that: (1) The proportion of companies in which the chairman and the general manager of the two-in-one model has decreased year by year; (2) Companies with higher proportions of state-owned shares and state-owned shares tend to favor positions of general manager and chairman of the board of directors. The same person served as (3) the company controlled by the parent company and the central and ministry-affiliated companies prefer the chairman of the major shareholder to serve as the chairman of the listed company at the same time; (4) The higher the controlling shareholder’s shareholding, the chairman of the controlling shareholder will be listed The more likely the chairman of the company is.