China's Listed Companies Ownership Structure Adjustment

Compared with the mature market of other countries, the stock market of china has a distinct character on the shares structure: state-owed shares and corporate shares that can't circulate are highly centralized but the public owned shares that can circulate only account for a few proportions of the total shares. The split of shares has its deep historical backdrop. With the development of our stock market, the split of shares has a negative effect on the listed company's governance structure and its efficiency. Beforetime, several reforms had failed, even though the reform designer strived for the reforms purpose. Today, the reform of splitting stocks is a radical transform and milestone in our stock-market. Nevertheless, it is a systems arduous engineering; we should push the reform step by step with the policy and law.The thesis analyses the shares structure negative effect and working impact on the listed company and the stock market .At the same time, the writer investigates the historical backdrop of our stock-market and prevents transform. As a result, the key is to solve the split of shares,. Hereon, there are four chapters.Chapter 1: The writer emphasizes the feature of our special shares structure through the analysis of joint-stock system' historical backdrop. The peculiar configuration is the offspring of our given historical era. With the development of the stock-market, we should take action to adjust the structure.Chapter 2 emphasizes the impact on the corporations government and its benefits, and the stock markets with the peculiar shares structure. The chapter draws a conclusion that the strategic adjustment is essential and necessary to improve lots of corporation's government, deepen reforms of the capital market and construct modern financial system.Chapter 3 backdates and summarizes several former transforms in the history.Chapter 4 stresses on the reform's significance, principle, path to choose and some problems to solve. The author puts forward some problems in the ongoing reform and legislative adjustments in/after the reform.The article has the conclusion. Moreover, the writer brings forward some policy advice in point.