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一长期以来,在人们的观念里面,大股东控制一直是我国公司治理领域的一个重大问题。比如像莲花集团,因占用上市公司的资金多次受到证监会的谴责。而在上市公司“莲花味精”的股权结构中,莲花集团这个大股东持股比例为58.82%。集团可以合法地驾驭上市公司的董事会,保证自己的意志在上市公司中得到体现。但是,我们在最近的研究中却发现:除了莲花集团这样的“大股东控制”之外,更严重的情况实际上是“小股东控制”。并且,中国证券市场中越来越多被小股东控制的公司,被证券交易所公开谴责。以上海证券交易所为例。在2004年19起公开谴责
For a long time, controlling shareholder control has always been a major issue in corporate governance in China. For example, like lotus group, because of the funds occupied by listed companies repeatedly condemned by the Commission. In the listed company “Lotus Gourmet Powder” ownership structure, Lotus Group, the largest shareholder of this 58.82% stake. Group can legally control the board of directors of listed companies, to ensure that their own will be reflected in the listed company. However, we found in a recent study that except for the “major shareholder control” like the Lotus Group, the more serious situation is actually “minority shareholder control.” Moreover, more and more companies controlled by minority shareholders in China’s securities market were publicly condemned by the stock exchanges. Take Shanghai Stock Exchange as an example. In 19 19 publicly condemned