A Study Of The Modes Of State Share Transfer

Security market plays an important role in the modern market economy, it is a bridge which connects investors and listed companies, and it redistributes society resources and regulates the economy via collecting capital. As the rain glass of the economy, the quality and efficiency of the security market directly reflects the economy development level in a country. The listed companies are the base of the security market and their governance efficiencies are influenced by that whether the equity structures are reasonable, since the equity structure determines who will control the company and the essence of the commission –agent relationship between the owner and the manager. Our listed company mostly outgrows from state-owned company. The special history and legal background leads to the shape of special equity structure. That is, most stocks focus on state-owned equity. In fact, these state-shareholders do not exist essentially. Along with the development of society economy, this kind of equity structure uncovers the limits on company governance. The state-shareholder intervenes intensely on the government, but pays little attention to the economy. As a result, the managers'acts tend to the economic opportunism and moral risk. It leads to company governance controlled by some internal body. And the collecting fund is occupied by the large shareholder. It destroys the benefit of joint-stock economy system and the stock market function of distributing society resource. At last, it damages the shareholders'interest and limits the development of listed company. Thereby, the regulation of equity structure among China listed companies needs to be resolved urgently. Since the emergence of security market, the dealings of conveying state-owned equity often take place among Chinese listed companies. It may change the equity structure, directorate and management system .Also, it will bring changes to corporate governance and corporate performance of Chinese listed companies. In this thesis, I initially discuss the main four models of conveying state-owned equity from state company to non-state company and then analyze the background, characteristic, success cause, influence, limit and revelation. In this part, I adopt the case research method and analyze the representative case respectively in every conveying model. The research purpose of this paper is to seek a whole cognition. Based on the analyses, the research puts forward the conclusion that the dealings of conveying state-owned equity can improve the corporate governance and corporate performance. Finally, it gives some reasonable suggestions and discusses the limits of research.