A Study Of Control Maintenance And Contest Mechanism Of Listed Corporation

With the reform of non-trade shares, the shares of China's listed companies will become full-circulating gradually, the market for corporate control will be established and improved. Then control contest will occur frequently, and maintaining control will be confronted with new circumstance and challenge. Especially after consideration payment, it would shake the control status of state-owned controlling shareholders which have been unshakable before, as proportion of the state-owned controlling shareholders decreased, while quantity and ratio of the outstanding shares increased. With China's full-circulating shares market as the background, this dissertation discusses around efficient control of China's listed companies, by means of the combining the normative and empirical analysis. Considering safety of national economic and industrial economic, it focuses on the problems how to maintain control of the state-owned listed companies.This dissertation's main viewpoints: Although the representation of shareholders'control is having majority voting rights on shareholders'conference, its legal origin is corporate ownership, and the primary means to implement control is by shareholding; In general, the shareholders'efficient control are more often affected by the ownership structure, which can be measured by probability voting model, but there are two exception; As the industry ownership structure is a dynamic, what's more, different state-owned listed companies in different areas differ in thousand ways, it's improper to have the same minimum shareholding proportion for the State -owned shareholders throughout the whole nation , classified by the different industries; the controlling shareholders of state-owned listed companies should make full use of the market for corporate control in order to improve corporate governance.Main innovation of this paper: (1)It emphasizes on the process of shareholders'control, rather than the result of separation of ownership and control. (2)It endeavors to integrate both the voting rights and ownership rights in effecting corporate control, studies shareholders'efficient control influenced by both of voting mechanism and ownership structure, and discusses shareholders voting power under the different way of...