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(六) 记者:在现行证券管理体制存在种种不合理之处的情况下,很难相信上市公司的股权与治理结构会对企业经营绩效有实质推动,这方面理论和实证的研究状况如何? 剧锦文:现在我国上市公司的股权结构大致有3种类型,第一种是由国家股与上市流通的社会公众股构成,第二类是由法人股与流通股构成,第三类是由国家股、法人股和流通股3者构成。这3类公司的股权结构,与公司的经营绩效存在着明显的相关联系。但就整个上市公司的股权结构而言,国家股仍然占有相当高的比重。由于目前我国国有资产管理体制尚不健全,国有产权的所有者代表仍处于“缺位”状态。这一现状在上市公司中同样存在。由于国有股权无人认真负责,国家股
(6) Reporter: Under the existing unreasonable circumstances of the current securities management system, it is hard to believe that the ownership and governance structure of listed companies will actually promote the performance of enterprises. What is the theoretical and empirical research? Jin Wen: At present, the ownership structure of listed companies in our country is roughly divided into three types. The first type is composed of state shares and social public shares listed and traded. The second type consists of corporate shares and tradable shares. The third type consists of state shares , Legal person shares and 3 outstanding shares. The ownership structure of the three types of companies is obviously related to the company’s operating performance. However, the shareholding structure of the entire listed company, the state shares still occupy a very high proportion. Since China’s state-owned assets management system is still not perfect, the representatives of the owners of state-owned property rights are still in the state of “absence”. This situation also exists in listed companies. Due to the state-owned shares no serious and responsible, state shares