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本文认为,根据现代企业理论,应该采用实际控制权的概念来研究和分析公司治理的问题,而不是前人普遍所采用的股权结构。本文选取在沪深交易所挂牌上市的1002家国有控股上市公司作为样本,对国有企业在不同的股票发行制度下对上市模式的选择及最终形成的控制权结构进行了统计上的检验。结果发现,在不同的股票发行政策下,国有企业倾向于采取不同的改制上市模式;而不同的上市模式,导致不同的控制权结构。本文进一步检验了控制权结构与公司绩效的关系,实证结果表明不同的控制权结构对于公司治理绩效具有显著影响。因而,本文认为根本改善未来国有控股上市公司的治理结构,提高公司绩效,可以从完善现行股票发行制度入手。
This paper argues that according to modern enterprise theory, the concept of actual control should be used to study and analyze the issue of corporate governance rather than the shareholding structure commonly used by the predecessors. This paper selects 1002 state-controlled listed companies listed on the Shanghai and Shenzhen Stock Exchanges as samples to test the selection of the listing models and the final controlling structure of the state-owned enterprises under different stock issuance systems. The result shows that state-owned enterprises tend to adopt different modes of restructuring and listing under different policies of stock issuance. Different listing models lead to different control structures. This paper further examines the relationship between the structure of control rights and firm performance, and the empirical results show that different control structure has a significant impact on corporate governance performance. Therefore, this paper argues that to fundamentally improve the governance structure of state-controlled listed companies in the future and improve corporate performance, we can start from improving the existing stock issuance system.