Research On The Structure Of Listed Company Stock Equity And Company Administration

Equity structure is the basis of company administration, and the purpose of optimizing equity structure is to realize the improvement of company administration as well as enterprise competitiveness and its operation performance. After more than ten years of development, our country's securities market has made great contribution to the development of national economy. As a new capital market, the poor quality of our country's quoted company administration and the ineffective company operation performance check the national economic development to a certain extent. The ineffectiveness of national company administration has much to do with our country's special equity structure. To optimize equity structure and improve company administration is the imporant way to increase the core competitiveness of Chinese enterprises. Since China's entering into the WTO, Chinese enterprises have faced a market pattern which is more open and market competition which is more severe. As a result, the reform of capital market must be enforced. The author thinks that it is of great theoratical and practical significance to study the equity structure of quoted companies and company administration with the reform practice of equity division as background. The author adopts materialist dialectics, analysis with contrast and analysis with examples. Based on maxist equity theory and that of western economics, the author studies the equity structure of our country's quoted companies and company administration by using for reference the successful experiences of developed countries andregions in equity structure and company administration and by cooperating the practical material of our own quoted companies. According to the author our country can construct an equity structure and company administrative model which is suitable for our country and the company development based on the introduction of the research achievements of the equity structures and company administration in and outside the country. We should have a new sense of state shareholders. The country should attach great importance to maintaining state controlling position on the industries of important strategic fields and those concerning national economy and people's livelihood. The country should change state shareholders into state corporate shareholders, setting up state capital management institution to enforce the managemnet of state capital so as to keep state capital maintained and added. Our country should develop greatly corporate shareholders and institutional investors, introduce reasonably foreign capital shareholders and build up an equity structure model in which the top five shareholders supervise each other. On the basis of optimizing equity structure, the internal and external company administration will be improved. In the company's internal administration, the encouragement of managerial level and constrained mechanism will be strengthened and the external independent board system will be improved. In the company's external administration, the market merger and purchasing mechanism will be strengthened, with the setting up of managers' markets and the improvement of law and rule construction.