Research On Shareholding Division Reform And Optimizing The Structure Of Shares Ownership Of Chinese Listed Companies

On the shareholding division epoch, the basal character of structure of shares ownership of listed companies in China is that ownership is highly centralized; the state share and corporation share that are in a great measure can't circulate. With the shareholding division reform carrying out, structure of shares ownership of listed companies in China will change greatly, that is, share will circulate wholly and ownership will be separated. In order to improve corporate governance efficiency, standardize management behavior and enhance management performance of listed companies, how to form the structure of shares ownership that fits our actuality and the development trend of structure of shares ownership in future is the important task that our listed companies want to standardize construction, which combines our actuality and shareholding division reform. Therefore, the paper studies by the numbers how to optimize structure of shares ownership considering the actuality of structure of shares ownership in China and the compare between China and western countries.First, not considering that the limited share circulates in the market, the paper studies the actuality of the Chinese structure of shares ownership by statistic characterization and quantitative analysis with the 795 example companies where the shareholding division reform has finished before December 31 in 2006. After comparing it with the structure of shares ownership of the shareholding division epoch, the result shows that the ownership concentration Ratio of our listed companies is still high, the proportion of state share decreases obviously, the proportion of corporation share and the proportion of current share increase step by step and the first shareholder's control power decreases relatively. Therefore, the compare also shows that shareholding division reform has obvious optimizing effect.Second, after the shareholding division reform has finished, the actuality of the structure of shares ownership of our listed companies improves, but the history of Chinese listed companies and securities market is shorter. Basing on analyzing the actuality of the structure of shares ownership, the paper compares it with the western, which shows that the structure of shares ownership of our listed companies still has some flaws, such as the lower proportion of employee share and related exchange.Finally, basing on the actuality of the structure of shares ownership of Chinese listed companies, combining the compare between it with the western and the optimizing theory and practice, the paper advances the measure that can optimize our structure of shares ownership continually , they are as followings: Merging companies; Developing institution investor; Extending corporation share; Perfecting the employee's holding share; Founding the means that several big shareholders check and balance each other and strengthening the market environment that can be help to optimize ownership structure. It can provide helpful scheme for optimizing structure of shares ownership on the epoch when share current wholly.