Ownership Structure Of Listed Companies And Corporate Governance Mechanism

In our country, the phenomenon "one dominating stock" is a prominent issue during the governance of the listed companies, the shareholders in dominance occupy the interests of listed-companies and even pull out the company's profits. The issue is in the following three specific performance: first is the major shareholders of listed-companies and their affiliated parties occupy the company's funds; second is the major shareholders take advantage of the listed company for providing guarantee; third is the major shareholders make use of connection transaction to transfer the assets and profits. In accordance with the current situation, the author proceeds from the shareholder rights structure, analyzes the influence for the governing mechanism of the listed-company and concludes that the different company governing mechanism leads to different governing efficiency under the different stock fight structure.Based on the theory research linked the current situation and the issue existed in the shareholder right structure of our listed-company, combining the state-owned share reduction programme and sub-owned shares reform, the author gives a suggestions to improve the company's governance, that is the listed-company should establish some moderate concentration stockholders' rights structure which is restricted by major shareholders.In our shareholding structure of listed companies and to explore the relationship between corporate governance, through analyzing the stock market situation, the author figures that the shareholders' right in high degree of concentration, the state-owned stock in dominating and non-circulated is our shareholders' right structure of listed-company characteristic, that is our listed-companies controlling the root causes of problems. So the author points out that the listed-company must adjust the current stockholders' right structure in order to address the situation that the major shareholders against the interests of small shareholders and to set up moderate centralized shareholders' right structure conditioned under the major shareholders to share the domination the stock right so that to change the current situation thoroughly.