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我国上市公司股权结构基于特定的经济和政治背景下的制度安排而形成,并以建立社会主义市场经济为目标。然中国上市公司国有股“一股独大”的股权模式,制约着公司内部管理和外部治理机制作用的发挥。公司股权结构的不合理,造成上市公司出现内部人控制、国有股东代表“缺位”和政府行政干预以及股东大会与监事会职能的虚化等不规范现象,影响公司内部治理绩效。建议完善公司治理相关的法律规范、降低国有股持股比例、建立职业经理人制度及企业家制度,以此来优化上市公司股权结构和提升公司的治理水平。
The structure of ownership structure of listed companies in our country is based on the institutional arrangements under a specific economic and political background and aims at establishing a socialist market economy. However, the state-owned shares of China’s listed companies, “a single dominant” equity model, restricting the company’s internal management and external governance mechanisms to play. The unreasonable ownership structure of the company has caused non-standard phenomena such as internal control of listed companies, “lack of state-owned shareholder representatives” and government administrative interference, as well as the functions of shareholders’ general meeting and the board of supervisors, which affect the internal governance performance of the Company. It is suggested to perfect the legal norms related to corporate governance, lower the proportion of state-owned shares, set up professional manager system and entrepreneur system, so as to optimize the ownership structure of listed companies and improve the corporate governance level.