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股权分置改革之后上市公司的股权结构和各利益相关者之间的利益冲突均发生了巨大的变化。在这一背景下,本文以2005～2007年完成股改的701家上市公司为样本,以股权结构以及各类代理冲突为研究对象,检验了股权分置改革对两者的影响,以及在该影响下股权结构与代理冲突之间的关系。结果表明股权分置改革之后上市公司股权集中度、国有股和法人股比例显著下降,股权制衡度相对显著提高;股权代理冲突和债权代理冲突激化;此外,由于我国经济制度和资本市场的特殊性,目前大部分股权治理机制并未发挥其应有的效应。最后根据结论提出若干政策建议。
After the equity split reform, the equity structure of the listed company and the conflicts of interest between various stakeholders have undergone tremendous changes. In this context, this article takes 701 listed companies that completed share reform from 2005 to 2007 as a sample, and uses the ownership structure and various agency conflicts as the research objects to test the impact of the split share structure reform on the two and the impacts on the two. The relationship between the stock ownership structure and agent conflicts. The results show that the shareholding concentration of listed companies, the proportion of state-owned shares and legal person shares dropped significantly after the equity split reform, and the degree of equity checks and balances has increased significantly. Equity agency conflicts and creditor-agent conflicts have intensified; in addition, due to the special nature of China’s economic system and capital market, Most equity governance mechanisms did not exert their due effects. Finally, based on the conclusions, several policy recommendations were made.