股权分置与上市公司治理

股权分置作为一种有效的制度设计,使得企业家在面临财富约束时能够利用新的市场机会,实现企业战略。但是,股权分置也改变了公司内部的利益格局,使公司治理变得复杂起来。究其原因,是由于契约的不完全性,使得控制权配置成为影响公司治理的关键因素,而股权分置使得公司内部的控制权分裂加剧,从而加重了代理问题。

The Divided Stock-Share and Listed Firm's Corporate Governance

As an effective institution design,the divided stockshare can lead an entrepreneur to making use of the market opportunities to realize his strategy when his company is faced with wealth restraints.And it also changes the inner interest structure of a corporate and leads its governance to be more complicated.Tracing to its source,it's the incompletion of a contract that makes the distribution of control rights as the key factor affecting corporate governance.At the same time,the divided equity aggravates the division of a company's inner control rights.Thus the(agency) problem becomes more serious.