Research On Ownership Structure Of Listed Coal Enterprises From The Contemporary Reform Of Stock Ownership Distribution

From the contemporary reform of stock ownership distribution, this paper studies the principles and programs for the structural adjustment of listed coal enterprises. Reform of stock ownership distribution eliminates the system defects affecting shareholding structure of China's listed companies for a long time and this reform has great significance like a landmarkThis paper analyses the characteristics of China's coal enterprises as well as how national policies and stock ownership structure affect the operating results of listed coal companies. According to statistical analysis results, a reasonable set for the direction of ownership structure of listed coal companies is given; according to industry attributes of the coal enterprises, a reasonable set of principles for ownership structure of listed coal companies. The specific proposals for optimizing the ownership structure of listed coal companies are put forward through analysis, e.g. lowering the proportion of state-owned shares, expanding corporate shares and appropriate focus of circulated stake. lowering the proportion of state-owned shares and expanding corporate shares aims to prevent internal control, strengthen corporate shareholders' oversight and constraints to major shareholders of state-owned enterprises and achieve effective internal management; appropriate focus of circulated stake aims to protect the interests of the shareholders in small and medium circulation and make circulated shareholders gradually concern about the operating conditions of listed companies to achieve effective external management.Having taken into account the new form of China's capital market after full circulation, in order to protect the security of national strategic resources and prevent the emergence of malicious mergers, the state must maintain effective control to listed coal companies. This paper gives the final recommendations for improving the relevant policies and regulations to solve these problems.