Through straightening out the theory researches conducted by foreign scholars , the author got three important deductions as follows : ( l ) corporate value of diffuse ownership structure is larger than that of concentrated ownership structure . ( 2 ) shareholding proportion ( cash flow rights ) of controlling shareholder has a positive effect on corporate value . ( 3 ) share of control , i . e . the existence of other blockholders besides controlling shareholder , has a positive effect on corporate value 对于这一研究主题，笔者通过整合国外文献的相关理论研究得出以下三个重要推论，即：第一，分散型所有权结构的公司价值大于集中型所有权结构的公司价值；第二，控制股东的持股比例(现金流量索取权)对公司价值具有正向效应；第三，控制权分享的存在，即其他大股东的存在对公司价值具有正向效应。
The second chapter analyzes the operating mechanism and governance effect of the large shareholders , directorate , control rights market and incentive remuneration , compares their arrange mechanism and combination effects under specific ownership structure , and proposes the governance structure comparative advantage theory 第二章分析了大股东、董事会、控制权市场和激励报酬四种治理工具的作用机制和治理效果，并且在特定的所有权结构下比较了不同工具间的搭配机制和组合效率，并提出了治理模式的比较优势论。
From 1990 ' s , with the use of management buy - outs ( mbo ) by several enterprises in china , a lot of successful cases of mbo had let the economists , managers and policy - makers all concerned with this method . a mbo is a transaction that a group of managers buying a substantial amount of equity or asset in the firm for which they work . after that , the managers control the firm , change the equity and asset structure of the firm 进入90年代以来，随着管理层收购被我国一些企业采用，众多管理层收购案例的成功实施引起了中国经济界和企业界的强烈关注，管理层收购作为一种公司管理层购买本企业的股票或资产，以取得目标企业的控制权，从而改变公司所有权结构、控制权格局以及公司资产结构的制度安排方式对我国解决国有企业和民营企业产权不清问题，从而激励管理层提高企业业绩具有重要作用。
As we know , our country had been carrying out planned economy system for the passed long time , capital market has developed rather late compared to other countries , which makes chinese capital market magnificently different from mature capital markets and emerging markets , therefore , it seems very important that we analyze capital structure , ownership structure and firm performance of chinese listed companies by using the analytic framework of western capital structure theory and ownership structure theory , up to now , domestic scholars have made a lot of studies and made some results 近年来,关于股权结构对公司资本结构的影响,以及股权结构与公司价值的关系也日益成为学术界关注的焦点。由于长期以来我国实行计划经济体制,资本市场起步较晚,使得我国的资本市场与成熟资本市场和新兴市场均有显著差异,因此,运用西方资本结构理论和所有权结构理论的分析框架对我国上市公司资本结构、股权结构与公司绩效的研究就显得尤为重要,国内学者在这方面已经做了大量研究并取得了一些成绩。
Law define and individual identify , it represent non - dominivum structure in practice . in a social colony , existing a possession power order to a certain riches , and existing possession power order among individual , so there exist occupying there ' s riches prompting in a couping social economic relationships 并且社区规范、法律界定以及个体认同之间存在差异，实际运行过程中表现为非完全所有权结构。则在一个社会群体内，对某一财产存在拥有权序集，个体间拥有权存在序关系，那么在相互联结的社会经济关系中，存在互相侵占对方财产的激励。
Based on this consideration , the text try to study from the angle of this broad sense of corporate governance , discuss and expose the deep reason of low - efficiency of the security markets in our country , and explore the ways and means to improve supervision of listed companies in our country and then improve the efficiency of security markets . the corporate governance in the text includes inside and outside supervision Ii公司治理:理论、模式与中国上市公司的实践本文所指的公司治理，包括公司的内部治理和外部治理，公司内部治理包含公司的所有权结构、控制权结构、内部治理机构、激励机制等内容，公司外部治理则由影响和制约公司行为的外部市场机制、政府机制和社会机制等构成。
Study on efficiency of ownership structure has a fundamental sense for the development of corporate governance theory . theoretical values can be demonstrated as follows : ( 1 ) it helps us understand some basic questions about corporate governance more accurately and deeply . ( 2 ) it provides direct evidences for the debate on two corporate governance models 所有权结构效率研究对于公司治理理论的发展和完善具有十分重要的意义，首先，有助于进一步准确把握公司治理一些基础性问题；第二，能够为有关公司治理模式的争论提供直接证据。
Generalized of speaking , more than 20 in the last years , the most of western researchers concentrates primarily in " the two powers separating " which caused the conflict between the owners and the governors . the main research contents involved ownership structure , takeover , managers " pay 概括的讲，二十多年来，西方大部分学者的研究成果主要集中在源于古典的“两权分离”所引发的所有者和管理者的冲突问题上，主要研究内容涉及公司所有权结构、公司接管、管理者报酬等方面。
This paper comprises of two sections . the first section is " the efficient theory of corporate control transference " . corporate ownership structure and control transferable models are classified based upon the ana1ysis of the preconditions and quality of the corporate control transference in the first chapter : concentrated ownership structure corresponds to the negotiable transferable model ; dispersed ownership structure corresponds to the tender off model 第一章在对公司控制权转让的基础与交易性质进行分析的基础上，对公司所有权结构与控制权转让方式进行了分类：与高度集中的所有权( ns结构)相对应的是控制权协议转让方式；与高度分散的所有权( ncs结构)相对应的是控制权转让的要约收购方式。
