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Existing problems and countermeasures in the shareholding structure of listed companies in China

Author: ZhangLei From: www.yourpaper.net Posted: 2009-12-31 10:14:19 Read:
Modern corporate governance, ownership structure determines the governance structure of the entire company, reasonable reconcile balance relationship of autonomy with shares of the company by the Corporate Governance The primary task, however, today's China's listed companies exist in the governance phenomenon of the dominance of state-owned shares, how reasonable improve the equity structure of listed companies in China is the most important issue of corporate governance.
First, the existing problems of China's listed companies in the governance structure
Between the right deal with business executives and shareholders in the modern market economy, the distribution of benefits and mutual encouragement relations, to solve the separation of ownership and control between The agents question is the essence of corporate governance. Reasonable equity structure is an important basis for corporate governance, equity relative concentration of business operators is conducive to the effective monitoring of the major shareholders of the enterprise, but in the majority of our listed companies, the controlling shareholder of the dominant position in the state-owned shares The problem has not been solved, leading to state-owned shares can not form the main body of the personification of the state-owned property rights dummy. In the enterprise, the largest shareholder of both business monitoring mechanism on the efforts there is a big problem, resulting in the company's rampant moral hazard, wanton fraud, misappropriation of assets of listed companies in serious damage to small and medium the interests of the shareholders of the vicious incident, resulting in "internal control" phenomenon is very prominent.
In the mature market economy, environment, supervision and control of the company to senior managers through the external market to compete for and value of the company's control over the assessment selection and evaluation of management talent competition mechanism, forcing the manager to work hard for their own survival in a competitive environment, to a certain extent, on behalf of the shareholders constraint manager behavior. However, due to the proportion of the total share capital of the state shares and legal person shares of listed companies in China is too large, and can not be traded, the company control over the substantive changes occurred because of a lack of tradable shares trading on the secondary market, resulting in the external market hostile acquisition constraints mechanism and manager talent competition mechanism constraint softening effect on corporate managers.
The shareholding structure of the phenomenon of the dominance of state-owned shares, the independent ability can not be achieved in the establishment of the corporate governance structure of the listed companies, state-owned enterprises, the part of the asset restructuring and listing, the formation of the two legal systems, some of the controlling shareholder, in order to get the right to the qualifications of the Rights Offering, which meet the ambition of misappropriating the market, enabling the Group to fully assume all the costs of the listed companies, even in the transfer of profits to the listed companies AG workers wages such despicable means. At the same time, some of the listed companies benefit better, they use the opposite operation, a group of companies teller machines: Group loan guarantees, transfer of profits to the group of companies. The value of listed companies in the unfair related party transactions distorted and misleading investors, so that the interests of the shareholders suffer,
Hubei Xinghua production of urea, a price higher than the retail price in the market has been run by a group of companies all acquisitions. As the parent company of "weaning", a sharp decline in the performance of the company. 1997 earnings per share from 1996 to the first half of 1999 more than $ huge losses, earnings per share fell to $ -0.243. Stock prices along with the whereabouts of the losses of small investors. Growth and development of China's securities market as an investment subject to small retail investors, the stock market, can not be separated from the majority of investors participation and investment. Protection of small investors' interests is a basic policy to achieve sustainable development of the securities market.
Second, improve the equity structure of listed companies countermeasures
At present, the capital of the international capital markets by the impact of economic factors in the United States supply a more adequate. Due to the rapid economic development in China today has a lot of potential in the capital markets, international capital will naturally not give up the opportunity to enter the capitalist market in China, the use of foreign capital in line with the State Council "decided" in the spirit of the reduction of state-owned shares, through Sino-foreign cooperation Fund holdings is a state-owned shares of both worlds approach the Fund on a the transferee certain inherent shares can be transferred by agreement, and then select the appropriate time, be sold in the secondary market. In order to reduce the impact on the market to Yun Yun effective method is the use of the Fund "reservoir" in the time and the number of the conversion of state-owned shares to the transferee of nil.
The corporate governance structure of the effective running of the key factors is to give full play to the innovative capacity of the senior management of listed companies. Listed companies can own conditions, will be closely linked to management compensation and the company's operating performance, and various characteristics of the incentives and allocation policies designed on the principle of transparency in the to solicit large shareholders agreed to under perform. Listed companies incentive stock mechanism, for example, to buy a certain number of senior management personnel of the company's stock in them during his tenure by the card to pay management and lock additional years of service, give distribution rights after to ownership.
From the current situation in China, the first to perfect the dominant position of the property rights of state-owned shares, so that the boss is taking the whole initiative, the exercise of the rights of the owners . Then gradually resolve the the circulation problems between the state-owned shares and legal person shares, strengthen the mergers and acquisitions and the construction of the Ordinance, so as to improve the capitalist market.
Third, the conclusion
The improvement of corporate governance mechanism is the most important issue of the listed companies in China's economic growth, improve equity structure is the key to solve this problem, which requires listed companies from within strengthen governance and oversight in order to optimize the ownership structure, and has laid a solid foundation to improve the corporate governance structure.
Ministry of accounting control refers enterprises in order to ensure the efficient conduct of the business activities, and ensure the safety and integrity of the assets, prevent fraud and corrupt practices to achieve the goal of the operation and management methods, measures and procedures for the development and implementation of control functions.
First, the power of internal accounting controls exist
Accounting statements can not truly reflect the financial position and operating. Corporate existence of income, especially for non-productive, non-operating income recorded false statement of costs and expenses, hustled out of amortized cost phenomenon. Enterprises based on subjective wishes to complete performance index higher grid power companies issued profit adjustments result in gains and losses are not real, so that users of financial statements can not really find out corporate profits and operating conditions.
Security is the premise and foundation of the enterprise capital operation, the current the power enterprise assets security situation worrying. The one hand, the enterprise through a period of development, with the changes of the market system, the backlog of receivables and other non-performing assets; On the other hand there is the phenomenon of loss of assets, mainly in the following areas:
(L) is not valid investment loss: as soon as possible in order to get rid of the difficulties or desire diversification in the absence of market research and was a feasibility analysis, random decision-making introduction of new projects, the development of new products, the blind expansion of the scale of operation or to open up new markets, free investment, Yun after lose everything. (2) Bad debt losses: in order to increase market share or sales staff to improve their performance in the customer's credit did not make any investigation into the case of blind credit, Yun after causing a lot of bad debt losses. (3) The costs, cost control, out of control: the cost of some companies, the scope and standards of the expenses are not clearly defined, or shall not perform some extravagantly wasteful spending, even private fee communique, false.
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