Optimize The Equity Structure Of Listed Companies In China

Along with the unceasing development of Chinese stock market, while it promotes economy development of our country, it also exposes many disadvantages: in listed company it appears interior control, the corporate governance efficiency is lowly, the management performance is not good, the major stockholder encroaches upon the young shareholder's benefits, the state asset drains, the state asset has not a real owner and so on. A series of problems have seriously hindered the healthy development of Chinese stock market and have bad influence on the enhancement in quality of listed companies. The equity ownership structure is the foundation of corporate governance and management achievements. It is also important condition of healthy development in stock market; therefore the reasonable equity ownership structure is the foundation to solve this series of problems.This paper first analyzes the present situation of equity ownership structure in our country: equity ownership structure is complex, the state-owned stock proportion is excessively high, the stockholder's rights are too concentrated, and the rights of the same stock are different. From legal, system, and the financial environment angle, the author analyzes the reasons formed this kind of phenomenon: the legal framework is imperfect, and there is discrimination against unstated-owners in our country, and the start of the capital market is late. The capital market is not mature, and there are erroneous zones in understanding to stock market function. It has not formed the real stock market. Then the author analyzes the consequence which this kind of abnormal equity ownership structure brings: the unreasonable structure of corporate governance, the low efficiency of government, the poor management achievement; Congenial in the stock market is in vogue. Our stock market basically does not have the investment value, the young investor's benefits could not obtain the protection, the confidence of investor loses, and it has initiated a series of stock markets crisis.Then, chapter four separately analyzes the British and American pattern, Japan...