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控制权是理解公司治理全部问题的核心和关键。我国民营上市公司控制权呈现出所有权与控制权分离度高;以金字塔结构下的间接控制为主;小股东控制类型较典型;实际控制人拥有公司控制权,公司意志主要体现为实际控制人意志等特征。民营上市公司控制权特征造成公司治理中的权利配置失衡、“三会”流于形式、激励约束对象错位和不到位、对中小股东利益保护不健全等。因此,加强对实际控制人及控制权的规制是改善我国民营上市公司治理效果的关键。
Control is the core and key to understanding all the problems of corporate governance. The control of the private listed companies in our country shows a high degree of separation of ownership and control; dominated by the indirect control under the pyramid structure; the control by the minority shareholders is more typical; the actual controller has the control over the company; the company will mainly reflects the will of the actual controller And so on. The characteristics of the control of private listed companies cause the imbalance of rights in the corporate governance, the “three sessions” flow into the form, the objects of incentive and restraint are misplaced and not in place, and the protection of minority shareholders is not perfect. Therefore, to strengthen the regulation of the actual controller and control is the key to improve the governance effect of the private listed companies in our country.