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引进独立董事以消除我国上市公司大股东对上市公司的利益侵害是当前的一大热点。我国上市公司的问题从根本上说属于出资人风险问题。由于国有股“一股独大” ,而国有股的出资人大多由转制不到位又缺乏有效监管的国有企业集团充当 ,为了使空壳化的企业集团得以生存 ,拥有控股权的企业集团必然将集团的风险转嫁给上市公司。这是局部性产权改革遗留下来的问题 ,不能单纯依靠引进独立董事制度来解决 ,只有将国企业改革深化到国有企业集团 ,塑造健全的出资人 ,才能化解出资人风险。
The introduction of independent directors to eliminate the interests of listed companies in China’s major shareholders is a hot topic. The problem of listed companies in our country is fundamentally the issue of investor risk. Due to the fact that the state-owned shares are “single dominant,” most of the state-owned shares are owned by the state-owned enterprise groups that are not well-established and lack of effective supervision. In order to make the shell-shaped enterprise groups survive, The risk is passed on to the listed company. This is a problem inherited from the reform of the local property rights. It can not be solved simply by introducing an independent director system. Only by deepening the reform of state-owned enterprises into state-owned enterprise groups and shaping a sound investor can the risk of the investors be eliminated.