The Research Of Distribution Of Shareholders Rights On Listed Company Of China

To discuss corporate governance from the perspective of shareholder's right is based on the idea as follows: because of the essential distinction in the ownership and initial shares structure between the foreign proxy theory and Chinese listed company, Western corporate governance theory has caused a practice targeting deficiency and acting alienation in China, consequently resulting internal control and non-market-oriented control power, a universal phenomenon in the governance of listed company in China.Taking the governance practice of listed companies in China as background, the essential difference between Chinese and foreign corporate governance was carried out in this essay,especially focusing on the vicious superimposition of agent disassimilation and shareholder's right division. from the author's point of view, only by means of shareholder's right allocation, namely, the reconstruction of the basic shareholder's right of a company, can the essential requirement of company management be met.By referring to the realistic practice of Chinese listed company governance, this article has analyzed such bad governance situations as the hazards of equity division, control absolution, and the compound of delegated right and agent right. And it is thought in this article that governance is possible only when shareholder's right is planned and allocated institutionally with shareholder's right and individual benefit unaffected and common benefit restricted.The proper allocation of shareholder's right means a harmony among controlling holders, bigger holders and medium and small holders and consequently the harmony of company governance. The thesis proceeds with basic element that shareholder's right disposes, and the mistaken understanding of shareholder's right is analyzed at first. It is the deficient understanding of common benefit right that leads to the absolution of controlling power. On this basis, the author has made a detailed discussion on the proper allocation of shareholder's right from the following aspects as corresponding reform of shareholders'meeting, power restriction of the controlling shareholders, medium and small protection and stockholder's equity division reform, etc. In addition, by referring to the theory of Tobin'Q, the author carried out an empirical analysis on the holding block of controlling holder and corporate holder and...