The Study On Optimization Of Equity Ownership Structure In Our Listed Companies

The problem of equity ownership structure (EOS) in our listed companies is the most difficult one in the development of our securities market. The optimization problem of EOS in our listed companies is not only a hot spot on which the academic circles discuss, but also a widespread attention send by all walks of life in social. On May 2005, the reformation of equity division was started comprehensively, and the optimization of EOS has taken out an essential step. This article started with the problem of EOS and the optimization of it at this right time. The optimization of EOS in our listed companies is a gradually process. It needs a plan to implement step by step, never to run.First, this article has outlined the EOS theory, and analyzed the influence that EOS bring to the corporation governance, and proposed general meanings on optimization of EOS. Then it has analyzed the features on EOS in our listed companies in detail from three aspects-equity circulation, stock holders, and equity intensive degree, and has given a model and principle to optimize it. Through the analysis, we consider the mainly contradiction on EOS problem is the circulation division of equity, so the first step of the optimization of EOS is the revolution on circulation problem of equity. The goal of optimization on equity circulation is to realize the entire circulation, and its concrete implementation for optimization could be the equity division reform. Through this, it could obtain the circulation right for non-circulation stock, correct "the same stock different price, the same stock different right" phenomenon, and realize the equality of equity. After the equity division reform, a more vital duty is the optimization on equity- holder structure and equity intensive degree. This article has proposed the pattern on equity that suits the present stage of our country through comparative analysis to three equity intensive patterns and the cost -income theory, which is the relative control pattern with several major share-holders coexists. On concrete optimization to share- holder structure, the article has analyzed separately on share-holders such as the state, legal persons, institutions, inner staffs. And think that we should reduce the proportion of state shares in the competitive profession, enhance the proportion of legal persons, develop the institutional investors vigorously, and to implement stockholder's rights drive system, as to establish multiply investor structure which keep in balance mutually. In the process of optimization in EOS, we should provide support on system and policy to it through other necessary measures such as administration, legal laws and regulations, etc. Finally achieve the goal of optimization on EOS.