On The Limitation Of The Application Of Stock Balance Theory In China From The Perspective Of Shareholder Relationship

At home and abroad at present,for which ownership structure is the most reasonable and conducive to the discussion of corporate governance structure is still not a final verdict.After the equity division reform in our country,China has entered a new market environment,under the condition of the research in the new company equity structure still has important practical significance.Due to China's a-share market is A significant number of Chinese private listed companies,their nature and scale leads to the listed listed after the originator or continue to introduce private investors with similar background,has formed A "A dominant" equity structure,there exist great quantity controlling shareholders and the relationship between the shareholders.These relationships shareholders by excess power allocation affects the existing equity structure,to achieve a certain potential default structure,in turn affect the relationship between the company's original equity checks and balances,make institutional equity checks and balances structure are not necessarily prompt supervision and restriction on the right.Based on Tibet Rhodiola pharmaceutical holding co.,LTD.(hereinafter referred to as Tibet Pharma,stock code:600211)as a case,in the third chapter raises three mystery outside difficult to explain,in the fourth chapter from the perspective of its shareholder relations cause,control rights dispute process and its consequences,answer the above questions.This paper is divided into three parts:(1)Put forward the cause of the dispute of control rights,the company's long-term existence of the "similar stock ownership ratio"structure is the potential risk of the dispute of the control.(2)A detailed analysis of the process of Tibet pharmaceutical dispute control,explains the battle for control of the company is actually holding shareholders joint shareholder relations formed the respective factions against,three puzzle answers proposed.Considering the relationship between shareholders,ownership structure,on the surface of balance,become the controlling shareholders and small shareholders to form a conspiracy of the "fig leaf',equity balance complete failure.(3)After analyzing the failure of the company's stock checks and balances,the potential shareholder relationship brings the consequence:the controlling shareholder transfers the residual control rights,so the minority shareholders get the excess power distribution from the controlling shareholder.The results of the study are as follows:(1)Relative to the "dominance" was widely criticized,with similar shareholding ratio controlling shareholders can still through the relationship between shareholders covertly obtain excess control benefits,balance of ownership structure useless.Therefore,in the current private listed companies,the equity concentration may be more effective.(2)In the current capital market,the diversified ownership structure does not necessarily bring the supervision and restraint on the controlling shareholder of the company,and ignored the shareholder relationship and degree of closeness is between the shareholders equity balance,a conspiracy or cause important influence factors for power control.Influenced by the Chinese traditional "relationship culture" for a long time,the theoretical significance of the optimal or reasonable ownership structure in China has limitations.Finally,this paper through the shareholder relations point of view of the company ownership structure influence and the attention of Listed Companies in non controlling shareholders and actual power,promote the true identity of the healthy development of private listed companies and other aspects of the China ownership structure of listed companies put forward policy recommendations.