Analysis On The Shareholding Structure Of The Listed Company On Chinext

From October2009to March2014, nearly400listed companies were listed on GEM.During this period, there were many irregularities and illegal acts, which would affect themarket order. In addition, a number of events are not illegal but also affect the investmententhusiasm of investors, which would affect the confidence of the parties concerned on theGEM. From the perspective of the causes of these incidents, we can see that the problemscould be solved by improving the quality of the corporate governance structure of themarket. The governance structure of the company is built on the mature experience ofdeveloped countries, but in the GEM, it showed a series of non-adaptive problems, becausethe foundation of corporate governance structure and the ownership structure aresignificantly different. Therefore, it is necessary to study the ownership structure ofcompanies listed on GEM and the appropriate corporate governance structure in-depth.Through studying the features of the listed company in NASDAQ (including theequity distribution and its corporate governance), we found that its corporate governancestructure is characterized by its decentralized structure. Through classifying the355actualcontrollers of companies listed on GEM, we found that the characteristics of the GEM areof privatization and family characteristics; actual controllers normally hold the sharesdirectly in pyramid control-oriented method. By analyzing the data of the top tenshareholders equity structure, we found that the controlling shareholders held too muchportion of shares, and there existed unequal rights between shareholders; through the topten Shareholders’ statistics, we found that existed five types of controlling shareholders andsix types of non-controlling shareholders. Through studying the concession company, wefound that the degree of the separation of the ownership and management of listedcompanies is not high; the family members are in the charge of board and themanagements; independent directors are not independent, and they did not play itsoversight functions.Summed up the problems in recent years, we believe that the current corporategovernance structure and ownership structure do not match. By analyzing the internalgovernance of listed companies, we noticed the current corporate governance andownership structure of the main drawbacks: excessive concentration of equity,family-oriented personnel arrangements, unmatchable governance structure and ownershipstructure, the lack of external governance. Finally, we advised some personal suggestionsfor improving equity structure and corporate governance structure. To solve the shareholding structure problems, we designed a relatively reasonable form of equitystructure to solve the current ownership problem which is over of concentration, especiallyto solve the drawbacks of the form of the direct control which is excessive; There aspectsof advices are showed in the end of the essay (stabilization mechanism of the control oflisted companies, internal governance of listed companies, protecting of the right of thenew investors),...