Theoretical And Empirical Research On Corporate Ownership And Rights Of Control

Corporate control is an important issue in corporate governance. This dissertation studies the issue from the perspective of corporate ownership structure. It explores the relationship between ownership structure and rights of control distribution, the separation of ownership and rights of control and the combat for rights of control. An empirical study is also undertaken to analyze the situation and efficiency of rights of control distribution in Chinese listed companies.The dissertation points out that ownership structure is vital to the distribution of rights of control, and the total separation of ownership and rights of control is the result of the interplay of ownership and non-ownership factors under high dispersion of ownership structure. Among the non-ownership factors, independent director system has become an instrument for the separation of ownership and rights of control under certain circumstances; it is also the systematical basis for minority owners and the management to firmly control a gigantic company. The typical feature of intellectual form of rights of control distribution is that the insiders exercise control over the enterprise on the basis of intellectual control.The basic characteristics of corporate control distribution in Chinese listed companies are that the first biggest shareholder holds rights of control, and rights of control are distributed only between state share holders and legal-person share holders. The dissertation finally proposes that, to improve corporate governance structure, classified shareholder voting system should be established in listed companies' shareholder conference; legislation should be made to protect material capital owners in intellectual form enterprises. Meanwhile, measures must be taken to develop the market for rights of corporate control.