我国上市公司股权结构与公司绩效关系的实证研究

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1、5.2.1对公司经营者实施股票期权························································74 5.2.2积极培育机构投资者····································································75 5.2.3鼓励企业法人相互持股································································76 5.2.4推进银行法人股东化····

2、································································76 5.3完善法制环境，健全监管机制··························································77 5.4本章小结······························································································79 结论···········

3、····································································································80 附录1················································································································83 附录2·····································

4、···········································································88 参考文献···········································································································89 攻读硕士学位期间承担的科研任务与主要成果·············································93 致

5、谢···············································································································94 作者简介···········································································································95VI万方数据第1章绪论1.1研究的背景和意义1.1.1研究背景中国

6、证券市场已经战战兢兢的走过了将近20年(1990～2008)的历程，从最初的八家上市公司已经发展到了2008年第三季度底的1625家1，规模已超过香港成为亚洲第二大股市。取得的成就不容置疑，在国民经济中扮演着越来越重要的角色。但是众所周知，我国的证券市场和上市公司是在传统计划经济向现代市场经济接轨的时代背景下，作为“社会主义计划经济的有益补充”而引入的，从一开始就在功能定位上严重偏离市场经济的内在要求，违背了市场的正常运行规律。这一切就集中表现在设置了不可流通的国有股和法人股，并且规定私人持有的流通股不能超过25%，

7、以保证国有股权的控股地位，造成了“不同股不同权不同价”的畸形市场。以现在的角度来看，这种含有悖论的股权设计是有其历史局限性的，其局限性主要表现在导致上市公司的业绩不佳、公司治理效率低下、大股东严重侵害小股东利益、内部人控制等等。这不仅严重阻碍了证券市场的健康发展，而且也影响到国民经济的整体运行。股权结构与公司绩效的关系一直都是金融经济学文献中经常讨论的议题。从理论上说，公司经营绩效取决于其治理结构，而股权结构又是法人治理结构的基础，所以经营绩效与股权结构有密切关系。现代公司制的主要特征是财产的所有权和经营权互相分离，

8、公司治理问题随之出现。公司治理结构实质上是在财产的委托代理制下委托人对代理人进行监督和约束的一系列制度安排。不同股权结构下，由于委托人对代理人行为承担的风险和获取的收益不同，对代理人的监控能力和积极性也就不同。因此，只有股权结构合理，才能完善公司治理结构，进而才能保证公司取得良好的1该数据来自于中国上市公司资讯网的《2008年上市公司三季报解读