一、引言作为转轨经济过程中引入的制度安排,我国的上市公司多系国有企业人为改制而成,而非古典企业制度发展的自然结果。我国证券市场设立的初衷也并非基于融资的考虑,而是为国企改革和解困服务。同时,为了保证公有制的主导地位不动摇,保持国家对上市公司的控制力,国家在股权 I. INTRODUCTION As the institutional arrangement introduced in the process of transitional economy, many listed companies in our country are man-made restructuring of state-owned enterprises instead of the natural result of the development of the classical enterprise system. The original intention of the establishment of China’s securities market is not based on financing considerations, but for the reform and the relief of state-owned enterprises. At the same time, in order to ensure that the dominant position of public ownership is unshaken and the state controls the listed companies,