Analysis On Listed Stockholder's Rights Structure And Cash Current Capacity Relevance

The stockholder's rights structure and the cash current capacity always are now the financial theory and the enterprise theory research hot topic of discussion, also is in an enterprise financial control important practice question, not only relates the enterprise normal survival, the management and the development, but also affects to the enterprise finances, the investment and the dividend provides and soon the behavior. This article goes on the market the company take our country manufacturing industry as the research object, the use respectively goes on the market the company foreign announcement stockholder's rights structure and the cash current capacity data around, sets at the two relations to the stockholder's rights minute to carry on the comparative analysis, is for the purpose of verifying our country to go on the market the company stockholder's rights structure and the cash current capacity relations, the establishment suits our country to go on the market the company to be possible the operational strong's to choler's rights structure and the cash current capacity model, is perfect and perfect our country goes on the market the company stockholder's rights structure and the cash current capacity theory and the research technique system. The developed capital country joint stock system is gathers by the small capital for the great capital forms; our country joint stock system is introduces other capitals to decompose the state-owned capital for many Yuan capitals forms. In the joint stock system reform initial period, the state-owned enterprise reform both needs to walk the joint stock system to reform this road, and the worry turns the pure private ownership, therefore, the state-owned enterprise's joint stock system reform has all used the national control form. Goes on the market after the state-owned system enterprise, the state-owned stock proportion overwhelming majority all above 50%, some reaches as high as 70%-80%; In the stock market, stipulated the state-owned stock and the law annual bonus cannot circulate, may circulate the social public stockholder's rights only account for the market value below 40%. This kind of pattern although maintained the state-owned system main body status, but actually in goes on the market in the company to form a state-owned stock alone big stockholder's rights structure, forms the situation in the stock market which 60% above the stock does not circulate. In order to reverse this kind of aspect, our country has adopted the share matching many times and increases sends the new stock and the state-owned stock reduces holds and so on the measure, but the situation has not certainly had the fundamental change. Until 2005, the stockholder's rights minute set at the reform to raise the program, this kind of situation has only then had the fundamental change. 05 years in April stockholder's rights minute system reform pulled open the big curtain; China started the experiment site work. The stockholder's rights minute set at the reform to be called the China capital market the second revolution, is the Chinese government for the promotion capital market, and maintains the financial security the strategic arrangement. As China capital market throughout history most large-scale, affects the profoundest reform, the stockholder's rights minute sets reforms into the China capital market 2005 the core word. Theoretically, after the stockholder's rights minute sets at there form to complete, then will finance the defunct hindrance, the new stock release also will open the sluice gates, after but the major stockholder East Africa circulation stock will become the circulation stock also to be possible leverage. This article goes on the market the company from our country the special background which grows in the reform and open policy process to embark, from stockholder's rights structure, stockholder's right attribute, stockholder's rights and so on many stratification planes, through the theory discussion, the international comparison, in particular the massive real diagnoses research and the case analysis, the discussion goes on the market the company stockholder's rights structure and the cash current capacity question, and proposed the improvement goes on the market the company stockholder's rights structure, the perfect company governs, enhances the company achievements the policy suggestion.