股权结构对公司治理结构和行为的影响

41Vol.4No.120022JournalofShanghaiUniversityofFinanceandEconomicsFeb.2002:F121.26:A:100920150(2002)0120003206(,200433):,,,:;;;:(1956-),,,,,,,,,,,,,,,,,,,,:2001211220©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,(),,,,,,,,,,,,,;,,,,42002©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,,,,,,,,,,,,,,,,,,;,,,;,,,,,,,,,,,,,,,,,,,,,,,30%,,,,(),,,,,,,,,,,51©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,,,,,,,,,,,,,,,(),,,,;,,,,,,,;,,,;,,,,,,,75%,,,,,,,,,,,,,,,,,,,,,,,,,,,62002©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,,,,2090,,,,:;,;,,,,,,,,,,;,;,;;,,;,,,,,,,,(),,,,,,,,,,,,,,,,,,,,,,,,,,71©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,:,,;,;,,;,,,;,,,,,,,,,,,,,,,:[1],1[M]1:,19991[2],1[M]1:,20011[3]1[M]1:,20011TheImpactofShareOwnershipStructureuponCorporateGovernanceStructureandBehaviorZHANGYin2jie(SchoolofEconomics,ShanghaiUniversityofFinanceandEconomics,Shanghai200433,China)Abstract:Optimizingcorporategovernancestructureisnotnecessaryforpromotingquali2tiesoflistedcorporations,regulatingandsupervisingthedevelopmentofsecuritiesmarkets,butalsoveryimportantinprotectingshareholdersequity.However,shareownershipstructureisthekeydeterminantincorporategovernancestructure.Thispaperanalyzesshareownershipstructurefromboththeratiosofshareholdersequityandshareownershipidentity,therefromtheimpactofshareownershipstructureisexplicateduponcorporategovernancestructureandbehavior.Thepaperlaysspecialemphasesondefiningproperlyintensiveshareownershipstructureandonanalysingproblemsrelationtoordinarycorporationstocks,institutionalcorporationstocksandex2ecutivenownedstocks.Keywords:governancestructure;shareownershipstructure;intensivedegreeofshareownership;shareownershipidentity82002©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.