摘 要
股份制公司由于在资金来源、治理结构等多方面的优势，从其出现的第一天开始就受到了广泛的关注和重视，成为了各国公司改革的方向和目标，西方国家早在200多年前就开始了对股份公司和证券市场的实践、研究。相对而言，我国的证券市场和上市公司起步较晚，尚处于成长阶段。在短短十几年的发展历程中，我国的上市公司取得了长足进步，数量和规模都有了迅速的增长和扩大，一批业绩优良的企业已经进入了世界企业排名500强。但是，由于我国的上市公司是在经济体制由计划经济体制向市场经济体制转型过程中产生和发展起来的，在历史原因、现实条件等多种因素的影响下，企业的股份制改造很不彻底，企业的治理结构也没有实现根本性的转变。目前我国证券市场不能参与市场流通的国有股和法人股约占总股本的60%。近几年，我国上市公司不断爆出财务丑闻，公司的经营业绩持续下滑，虚假报告、欺诈行为、大股东侵占中小股东利益等现象层出不穷。归根结底，是由于上市公司人为分割的畸形的股权结构已经不能适应生产力发展的要求，种种弊端开始逐渐显现。西方国家的证券市场起步较早，关于股权结构与公司绩效的研究在二十世纪初就开始了，但尚未形成完善的理论体系，对实践的指导意义也不明确;而由于我国上市公司独特的股权结构和市场环境，国外的经验并不完全适用，国外学者也很少研究我国证券市场的问题，国内理论界关于股权结构与公司绩效问题的研究于近几年方始兴起。
基于上述背景，本文借鉴国内外的经验和方法，以我国上市公司为样本，对股权结构与公司绩效的相关性进行探析，提出优化我国上市公司股权结构、提高公司绩效的建议。
关键词：上市公司，股权结构，公司绩效
Abstract
Joint-stock companies because of its advantage in the source of funds，governmance Structure and many other aspects, were widely concerned and regarded from the first day, and because the direction and target of corporate reform in many countries , western countries began their practice and research in joint-stock companies and stock market more than 200 years ago. Comparatively speaking ,Chinese stock market and listed companies got a later start, are still in the growth stage now. In just 15 years, Chinese listed companies have achieved remarkable progress, both the number and magnitude of listed companies grows and expands rapidly, and a group of companies with excellent performance have entered the world top 500 enterprises. However, because of our country’s listed companies appeared and developed during the changing process of the economic system from the planned economic system to the market economy system, under the influence of various factors, such as historical reasons, reality conditions and son on, our companies’ are not reformed thoroughly, corporate governmance structure has not be fundamentally changed yet. At present, in our stock market the state-own shares and legal-person shares which can not participate in the market circulation are about 60% of the total equity. In recent years, Chinese listed companies are creating financial scandals constantly, corporate performance continued to deteriorate, the false report, fraud, invasion of minority shareholders rights occur endless. Ultimately , because of the deformity equity ownership structure(EOS) which was artificially separated can not meet the demands of the development of productivity, and its drawbacks appear gradually. Western countries’ stock market start earlier, thir research about EOS and corporate performance began in the early 20th century, but has not yet formed a perfect theoretical system, the actual significance is not clear yet; And because of our listed companies’ unique EOS and market environment, the abroad experience is not entirely applicable, and few foreign scholars studies the issue of our country’s stock market, domestic theoretical circles on Eos and corporate performance rise in recent years.
The real estate industry is an important industry in Chinese national economy, it can drive the development of a number of material production sectors, tis healthy development is one of the guarantees that social progress, economic development and promoting the healthy development of a comprehensive well life. Therefore, the study on the relationship between real estate listed companies’ EOS and corporate performance has a great practical significance in China.
Based on this background, this paper draws on the experience and methods of foreign and domestic, taker real estate listed companies for example, analyzes the relationship between EOS and corporate performance of our country’s listed companies, and lodges the recommendations for optimizing EOS and improving corporate performance of our real estate listed companies.
Keywords: Real Estate, Equity Ownership Structure, Corporate Performance
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