我國上市公司股權(quán)結(jié)構(gòu)與公司績效關(guān)系的實(shí)證研究

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1、5.2.1對公司經(jīng)營者實(shí)施股票期權(quán)························································74 5.2.2積極培育機(jī)構(gòu)投資者····································································75 5.2.3鼓勵企業(yè)法人相互持股································································76 5.2.4推進(jìn)銀行法人股東化····

2、································································76 5.3完善法制環(huán)境，健全監(jiān)管機(jī)制··························································77 5.4本章小結(jié)······························································································79 結(jié)論···········

3、····································································································80 附錄1················································································································83 附錄2·····································

4、···········································································88 參考文獻(xiàn)···········································································································89 攻讀碩士學(xué)位期間承擔(dān)的科研任務(wù)與主要成果·············································93 致

5、謝···············································································································94 作者簡介···········································································································95VI萬方數(shù)據(jù)第1章緒論1.1研究的背景和意義1.1.1研究背景中國

6、證券市場已經(jīng)戰(zhàn)戰(zhàn)兢兢的走過了將近20年(1990～2008)的歷程，從最初的八家上市公司已經(jīng)發(fā)展到了2008年第三季度底的1625家1，規(guī)模已超過香港成為亞洲第二大股市。取得的成就不容置疑，在國民經(jīng)濟(jì)中扮演著越來越重要的角色。但是眾所周知，我國的證券市場和上市公司是在傳統(tǒng)計劃經(jīng)濟(jì)向現(xiàn)代市場經(jīng)濟(jì)接軌的時代背景下，作為“社會主義計劃經(jīng)濟(jì)的有益補(bǔ)充”而引入的，從一開始就在功能定位上嚴(yán)重偏離市場經(jīng)濟(jì)的內(nèi)在要求，違背了市場的正常運(yùn)行規(guī)律。這一切就集中表現(xiàn)在設(shè)置了不可流通的國有股和法人股，并且規(guī)定私人持有的流通股不能超過25%，

7、以保證國有股權(quán)的控股地位，造成了“不同股不同權(quán)不同價”的畸形市場。以現(xiàn)在的角度來看，這種含有悖論的股權(quán)設(shè)計是有其歷史局限性的，其局限性主要表現(xiàn)在導(dǎo)致上市公司的業(yè)績不佳、公司治理效率低下、大股東嚴(yán)重侵害小股東利益、內(nèi)部人控制等等。這不僅嚴(yán)重阻礙了證券市場的健康發(fā)展，而且也影響到國民經(jīng)濟(jì)的整體運(yùn)行。股權(quán)結(jié)構(gòu)與公司績效的關(guān)系一直都是金融經(jīng)濟(jì)學(xué)文獻(xiàn)中經(jīng)常討論的議題。從理論上說，公司經(jīng)營績效取決于其治理結(jié)構(gòu)，而股權(quán)結(jié)構(gòu)又是法人治理結(jié)構(gòu)的基礎(chǔ)，所以經(jīng)營績效與股權(quán)結(jié)構(gòu)有密切關(guān)系?，F(xiàn)代公司制的主要特征是財產(chǎn)的所有權(quán)和經(jīng)營權(quán)互相分離，

8、公司治理問題隨之出現(xiàn)。公司治理結(jié)構(gòu)實(shí)質(zhì)上是在財產(chǎn)的委托代理制下委托人對代理人進(jìn)行監(jiān)督和約束的一系列制度安排。不同股權(quán)結(jié)構(gòu)下，由于委托人對代理人行為承擔(dān)的風(fēng)險和獲取的收益不同，對代理人的監(jiān)控能力和積極性也就不同。因此，只有股權(quán)結(jié)構(gòu)合理，才能完善公司治理結(jié)構(gòu)，進(jìn)而才能保證公司取得良好的1該數(shù)據(jù)來自于中國上市公司資訊網(wǎng)的《2008年上市公司三季報解讀