中国电力上市公司股权结构问题研究

目前,中国电力行业上市公司明显存在着国有股比重大、机构投资者比重小且持股比例低和股权集中度不均衡等不合理因素。这些因素的存在使得股东治理权行使受阻、控制权转移受阻和公司经营业绩受到影响。因此,应在保持国有股占绝对控股地位的条件下,逐渐引入机构股和社会法人股,从而降低国有股的持股比例,使公司控制权适当分散在若干大股东手中,完善公司股权结构。

Listed Company of China's Electric Power:Structure of Stock Rights

The industry of electricity in China is traditionally operated by the state-owned enterprises, which have become listed companies with the reconstruction of the capital stock since the end of the 20th century. At present, the industry of electricy obviously exists many unreasonalbe factors. For example, the state-owned share is too large while the share of institutional investors is too small, the concentration of share rights is in disequilibrium and so on. These factors dramatically obstruct the implementation of the shareholder's managerial rights and the transfer of the shareholder's controlling rights. Accordingly, the operating performance of these companies is badly affected. This paper analyzes the above issues deeply and offers a series of feasible measures related to the optimum structure of share rights.