Font Size: a A A

A Study On Ownership Structure Of Our Listed Companies Based On The Economics Of Property Rights

Posted on:2005-06-13Degree:MasterType:Thesis
Country:ChinaCandidate:J Y HuangFull Text:PDF
GTID:2156360125456495Subject:Accounting
Abstract/Summary:PDF Full Text Request
Ownership structure is an important part ol corporate governance and capital structure. Whether ownership structure is reasonable or not greatly influences the validity of corporate governance and capital structure. At present, governance structure of our listed companies is not perfect. One of the important reasons for it is ownership structure is unreasonable. Based on the economics of property rights, this paper, synthetically using the latest research productions in the fields of modern microeconomics such as transaction cost theory, principal-agent theory, contract theory and so on, employing several research methods such as theoretic and actuality analysis, qualitative and quantitative analysis, comparative analysis and cause and effect analysis, studies the ownership structure of our listed companies and concludes that the fundamental reason of inefficient ownership structure of our listed companies is that the property rights of state-owned capital is not integral. To improve the efficiency of ownership structure of our listed companies, we must essentially change the state of property rights of state-owned capital.This paper has three sections. The first section, theoretic research, expatiates upon corporate ownership structure based on the economics of property rights. It discusses the definition, origin and functions of property rights. Further more it deeply studies the concept and efficiency of ownership structure.The second section, analysis of actuality, explores the present status of the ownership structure of our listed companies, discussing two aspects, characteristics of stockholders and concentrative level of ownership structure. After that, combining theoretic research and based on the economics of property rights, it discusses the reason of inefficiency of ownership structure of our listed companies.After theoretic research and actuality analysis, the third section, countermeasure research, presents some institutional arrangements, such as fostering qualified subjects of state-owned capital, decreasing and offering state-owned stock, establishing mixed property structure and giving human capital property rights.
Keywords/Search Tags:Ownership structure, Property rights analysis, Institutional arrangement
PDF Full Text Request
Related items