摘要
本文从股权分置改革这个大的时代背景出发,研究上市煤炭企业股权结构设置的原则和方案。股权分置改革彻底清除了长期影响我国上市公司股权结构的制度性缺陷,具有里程碑式的深远意义。
本文分析了我国煤炭企业相关特点和国家政策和股权结构对上市煤炭企业经营业绩的影响。根据统计分析结果,给出合理设置上市煤炭企业股权结构的方向;根据煤炭企业自身的行业属性,给出合理设置上市煤炭企业股权结构的原则。最后通过分析得出调整上市煤炭企业股权结构的具体方案,包括降低国有股比例、法人股扩充、流通股权的适当集中。这其中降低国有股比例和法人股扩充目的是为了防止内部人控制,加强法人股东对国有大股东的监督约束能力,实现有效的内部治理;流通股权适当集中目的是为了保护中小流通股东的利益,使流通股东逐渐关心公司经营状况,实现有效的外部治理。
考虑到全流通后我国资本市场面临的新形式,为了保护国家战略资源的安全和防止恶意并购的出现,国家必须对上市煤炭企业保持有效的控制力,本文最后建议完善相关法规政策,以解决这些问题。
From the contemporary reform of stock ownership distribution, this paper studies the principles and programs for the structural adjustment of listed coal enterprises. Reform of stock ownership distribution eliminates the system defects affecting shareholding structure of China's listed companies for a long time and this reform has great significance like a landmark
This paper analyses the characteristics of China's coal enterprises as well as how national policies and stock ownership structure affect the operating results of listed coal companies. According to statistical analysis results, a reasonable set for the direction of ownership structure of listed coal companies is given; according to industry attributes of the coal enterprises, a reasonable set of principles for ownership structure of listed coal companies. The specific proposals for optimizing the ownership structure of listed coal companies are put forward through analysis, e.g. lowering the proportion of state-owned shares, expanding corporate shares and appropriate focus of circulated stake. lowering the proportion of state-owned shares and expanding corporate shares aims to prevent internal control, strengthen corporate shareholders' oversight and constraints to major shareholders of state-owned enterprises and achieve effective internal management; appropriate focus of circulated stake aims to protect the interests of the shareholders in small and medium circulation and make circulated shareholders gradually concern about the operating conditions of listed companies to achieve effective external management.
Having taken into account the new form of China's capital market after full circulation, in order to protect the security of national strategic resources and prevent the emergence of malicious mergers, the state must maintain effective control to listed coal companies. This paper gives the final recommendations for improving the relevant policies and regulations to solve these problems.
引文
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