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Under the the equity in in the of China's by equity interest in of Listed Companies centralized model checks and balances on the problem

Author: WeiZhi From: www.yourpaper.net Posted: 2009-05-20 02:35:32 Read:
Executive summary Empirical Analysis of show that the, the the size of the non-lifting of the ban Although the the the time of the nearly two years of is has been going on, but the are continued to show a carried out if the the the shareholding structure of of the listed on the our country of the company at this stage have been on the the whole emerged in the highly concentrated the characteristics of. In However, the the the a joint force formed by by the market, legal and political in the in change will promote the on the from a highly centralized mode in the in Our Country - The the shareholding structure of the of the of listed companies overall in Our Country as to the the relative concentration of mode the gradual restructuring of. The Listing Company of the our country highly concentrated at this stage the shareholding structure of hindered the the the effective exertion of of the the the internal governance of the Company mechanisms, as well the the role of market mechanism, triggered a the more serious corporate governance issues, the the transformation of of the shareholding structure of the for the the the mitigation of the corporate governance issues has provided an opportunity. The relative concentration of the shareholding structure of There are a variety of types of, Comparatively speaking, the there are checks and balances the Shareholders as a of both controlling shareholder of the equity interest in structure is more help to improve the the the Governance Performance of of the Company, It should therefore to become the the the target of policy guidance in the in the the size of the non the the process of when the ban was lifted.
Key words ownership concentration equity interest in checks and balances size of the non the the structural transformation of of the lifting of the ban options

A large number of studies have shown that, ownership structure, very close contact are exists between the in in the Corporate Governance and Enterprise Performance. With the the Listing Company of the our country non-tradable shares of restricted duration of gradually discharged, that is, usually referred to as the size of the of non - lifting of the ban, the Listing Company of the our country won the a rare an opportunity to for of once through the optimization of shareholding structure of the to to improve corporate governance, enhance the Enterprise Performance of the the. In this paper, the method that is in the to be adopted by Empirical Analysis of be summarized the overall features of of the the shareholding structure of the of the the current the Listing Company of the our country, analyze its causes of, to judged its development trend of, in the the the the best policy of the the expounded of triggered by the by the listed companies in China at the present stage shareholding structure of the mode the the problem of the corporate governance as well as the the due to of the future mode should be on the basis of, the process of for the the size of the non lifting of the ban of the how to promote the the the checks and balances of the of of under the of the equity interest in in in the equity interest in centralized model put forward policy recommendations.

First, the at the present stage overall features of: Will the equity interest in Segregation highly centralized under the the background shareholding structure of the

The equity interest in highly concentrated the has always been considered to is to be the the basic characteristics of of the the Listing Company of the our country shareholding structure of the. THE 70 years of experience in imaging products manufacturing, the reform of the the split share structure has drawing to a close to, of their subject to trading moratorium Shares are also already or will gradually lifting of the ban whether the, the the shareholding structure of of the of China's listed companies has been Therefore while the occurrence of has been a substantive change in? Step further, whether the, the the shareholding structure of of the of China's listed companies will therefore while the occurrence of has been a substantive change in? to the previous question of the answered, we need to the a some of the of empirical of the data, as a basis; the on the answer to the the after the a problem, then the built on the the the on the basis of of analysis, and judgment on the the causes of of the characteristics of ownership structure by the the Listing Company of the our country carried out.
In order to accurately to determine the the the the characteristics of ownership structure of the listed companies the current stage of the the in the after the the reform of the the split share structure, the the the author, with the select the September 30th, 2008 this point is on the the Shanghai stock market and the Shenzhen-City, 1 571, a A-share listed of the Company as a sample, on the the the the first largest shareholder of with the subject to the requirement in subsection two the major shareholding positions information carried out acquisition, analysis. This article the listed company concerned the the data of the shareholding structure of the are derived from in the the the Governing the Information Harbor of Securities on of the great wisdom. It need to be be noted that, that the the the information of the the Shanghai stock market listed companies shareholding structure of the In addition to the one of new shares outside the (China South Locomotive 601,766) of the Company, the rest were cut-off to June 30 2008, the the information of the the Shenzhen-City, listed companies shareholding structure of the In addition to on the the 17 of new shares companies ( 002258-002274) outside the, the rest were cut-off-to-June 30 2008. After statistical analysis the the basic situation of of the the shareholding of the the the the first-largest shareholder of of the the Listing Company of the our country with the the the second largest shareholder are as follows:

Description: 1. Table in the "or more" all-containing the given figure, the exclude the numbers indicated in the "the following"; 2. Corporate the number of accounted for in this context is a refers to the the the proportion of of the comply with the some kind of conditions the house of the company from the share of the the number of in the the the entire Shanghai stock market or the Shenzhen-City, in the the a A-share listed of the Company; 3. The choice ON SHAREHOLDING The shareholdings in the proportion of is to based on the are as follows consider: 50% for the the absolute the Limits of the Holdings of ,20-25% is a the usually think of the controlling shareholder of in the the international on the such shareholding ratio as the directors determine is that are the necessary boundaries, and the 10% is a a single the exercise of temporary shareholders to its shareholders the General Assembly the to convene of the the right to request , of stockholders 'to convene the meeting by themselves and of the General Assembly. and preside over the the right to, as well as to put forward to the People's Court to dissolve the company request the right to of the minimum holding the requirements of, 5% is a a the distinction between the the boundaries of of the size of the non, 3% is a a single Shareholders as a the exercise of shareholders' the General Assembly temporary The tabling of proposals the the lowest holding requirement of the the right to , 1% is a a single the Shareholders to the directors of the Company, supervisors and senior management personnel Lift the the the lowest holding requirement to on behalf of the-bit litigation; 4. On the for in the * No. of the table of the Description: in the the the 510 companies of of the the the proportion of the the first largest shareholder of shareholding is higher than 20% of the of the the second largest shareholder the proportion of. Shares held by, the first largest shareholder of investors for the Company in the more than 50% of the of of the 191, the the first largest shareholder of the shareholding the proportion of is in the Company of the a interval of of 20-50% 319.
From the on the table, we can be found, the the the shareholding structure of of the of China's listed companies on the the rendered in terms of a overall the the is more prominent the characteristics of in of are as follows three:


(One or) The majority of the the first largest shareholder of in the of listed companies in the in the shareholding there are obvious advantages in the proportion of, and achieved the
on the Status of Holdings,
The the the shareholders of of the the the absolute Holdings of share of in the owns more than 50% of the of the absolute the controlling shareholder of of of the is the company's, self-in the case of is undoubtedly. But the do not account for to the the the the first largest of the absolute Holdings share, shareholder, if so authorized by its the shareholding the proportion of of relative to the to the other shareholders, especially is the second largest shareholder at a distinct advantage,. Another reason is that other existence of the member the the the difficulties of the collective action the words of then, the development the the first large shareholder of in the company also the same able to obtain the the the status of of the relative majority of shares. International community usually will defined in the the such shareholding ratio as the directors determine is that are the necessary for controlling shareholder of the activities in the the more than 20-25% of. According to the Leech and Leahy analysis of, If the the proportion of voting rights of the the first largest shareholder of is is more than 25%, in then the, in the the in the the right to vote compete for, on the relatively easy to, it win the be the support of the most of the other shareholders is, in a dominant position the the right to vote status of. From the on the table can be seen, the Shanghai stock market, in the proceeding to access the Company, deep City, A-share listed he has a the the the shareholding of its the first-largest shareholder of the proportion of in the more than 60% of of the is in 20-50% interval, the the the the first largest the proportion of a shareholding of of the shareholders in the more than 50% of the of of the is in 25-50% interval. Shareholding ratio in the 20-50%, or between the in the whether the the the first largest shareholder of in the between the 25-50% of the can to obtain the the the relative controlling position in of in the the de facto, the the key to see two points, First, the shareholding whether the proportion of there are obvious advantages, the second is other shareholders whether there is the the the difficulties of the collective action.
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