股权分置格局下“一股独霸”使内部治理机制扭曲,市场监控乏力及外部利益相关者监督缺位又导致外部治理缺失,上市公司治理机制难以发挥有效作用。在全流通条件下,上市公司治理体系应强调以内部治理为切入点实施制度创新,建立和完善外部市场监控,外部利益相关者共同治理。 Under the pattern of split share structure, “One domination” distorts the internal governance mechanism, weak market supervision and lack of supervision by external stakeholders also lead to the lack of external governance. It is difficult for the governance mechanism of listed companies to play an effective role. Under the condition of full circulation, the corporate governance system of listed companies should emphasize the implementation of institutional innovation with internal governance as the starting point, establish and improve external market monitoring and common management by external stakeholders.