国家股

• Through special study for these problems , we found settlement should be made by bringing securities business functions into play to accelerate reconstruction of state - owned assets and by trying out manager stock holding limit right salary system to promote the circulation of state shares and corporation shares
  研究表明国有企业股份制改造中存在的问题，可以通过发挥政券市场的功能促进国有企业资产重组，试行经理股票期权薪酬制，促进国家股、法人股的流通来加以解决。
• In this thesis the author has analyzed the relation between ownership structure and corporate performance and get the conclusion that it is urgent to solve the problem of the split share structure of listed companies . on the base of the comparing and analyzing of the principles and styles of consideration , the study focus on the warrant , refer to securities giving the holder a right to subscribe to a underlying securities at a given price and from a certain date
  本文通过对股票市场和上市公司股权结构论述,分析了国家股、国有法人股和流通股的构成比例对公司业绩的影响,得出了国家股比例与公司业绩成负相关关系,法人股比例与公司业绩成正相关关系以及股权集中度较高,公司业绩较好,第一大股东的持股比例在一定范围内公司业绩最佳的结论。
• In general the listed firms in china are transformed from state - owned large and medium - sized enterprises , so state - owned share and corporative share are higher proportion in listed companies " equity structure . the big shareholders such as state - owned share and corporative share need to employ a agent to exercise the right of shareholder in the listed companies , represent , that form the first layer of trust - agent relationship . the second relationship of agency is between shareholder meeting and board of directors . the 3rd level of the relationship of agency is between board of directors and manager layer
  我国上市公司一般是由国有大中型企业改制而成，国家股、法人股在上市公司股权结构中占有较高比重，国家股、法人股股东需要雇佣代理人来行使上市公司股东的权利，这形成我国上市公司内部的第一层次的委托代理关系，第二层次是股东大会与董事会之间的关系，董事会与经理层之间则形成了我国上市公司内部的第三层次委托代理关系。
• According to recent researches , we find out that even in america , large shareholders and institutional investors are important in corporate governance . and we argue that the corporate shares can be large shareholders and perform good supervision in corporate governance . in order to illustrate our opinion , we have collected 52 cases concerning transferring state - owned shares to corporate shares
  本文中，我们将1998年发生的52起国家股股权变动的案例进行分类统计分析，表明国家股向法人股转让的样本中，公司治理结构中的大股东再造、董事会的重构、对代理人的约束与激励以及内部人的控制，都有程度不同的改进。
• Secondly , ownership control is an important way to restrain the act of plundering conducted by large shareholders while protecting the rights of minority shareholders . thirdly , compared to the inefficiency of state - owned shares and negotiable shares , the percentage of shares held by artificial persons is positively related with corporate performance . fourthly , interior shareholding has little stimulant effect on executive of corporate
  目前中国上市公司的股权结构具有以下特征： ( 1 )股权高度集中， “一股独大”现象严重； ( 2 )股份按照投资主体被划分为国家股、法人股、社会公众股，其中占总股本约2 3的国家股和法人股不可流通； ( 3 )内部人即公司高级管理人员持股数量少、持股比例低； ( 4 )机构投资者规模尚小，总体持股比例较低。
• Chapter six presents empirical study of ownership structure and operating performance of chinese listed companies . it analyzes their relationship through multiple linear regression and other methods on the basis of the pooled data of a share listed companies from 1994 to 2001 . the conclusions from this empirical study are as follows : stock ownership concentration ch5 and operating performance show u shape ; ratio of state - owned shares is negatively related to operating performance ; ratio of corporate shares is positively related to ope
  本章以1994一2001为研究窗口，选用了1994一2001中国a股上市公司的集合数据，运用多元回归分析等方法，分析中国上市公司股权结构与经营绩效之间的关系，通过实证分析得到结论:股权集中度chs与公司绩效呈现u型，国家股比例与公司绩效负相关，法人股比例与公司绩效正相关，流通股比例与公司绩效几乎不相关，财务杠杆与公司绩效呈现负相关。
• Corporate shares are mostly held by the state - owned economic entities , which is the essence of national indirect holding . state shares and legal person shares account for 60 % - - 70 % in a total equity of approximately . the shares of listed companies are concentrated highly , and the percentage difference between disparities
  而法人股的持有人绝大部分是国有经济主体,其实质是国家间接持股,因此国家股和法人股近似的共同构成了国有股主体,大约占到了总股权的60 % - - 70 % ,在40 %左右的上市公司中,国有股东持股超过50 % 。
• The non - circulating characteristics of the state - owned shares , the state - owned institutional shares and the corporate shares , accounting for about two thirds of the total shares , artificially cause the contradiction between supply and demand of the shares and lead to the deficiencies of the stock market ’ s function . as a result , the liquidity , which is an important feature of the effective market , loses its function of resource allocation
  在我国股票市场中,占股份总数大约三分之二的国家股和国有法人股不能上市流通,人为地造成股票市场的供求矛盾,这种股份的流动性分裂现象,即股权分置现象,导致了我国股票市场功能的缺失,使得作为有效市场重要特征的流动性失去了其资源配置手段的作用。