不同类型股东的控股特征比较分析  

Comparative Analysis of Holding Characteristics of Different Shareholders

作　　者：王新霞[1] 

机构地区：[1]西安外国语大学经济金融学院,陕西西安710128

出　　处：《当代经济管理》2017年第9期29-33,共5页Contemporary Economic Management

基　　金：国家自然科学基金项目<风险投资与小微企业创新:增值与盘剥的新视角>(71673216)的阶段性成果;西安外国语大学校内重点科研项目<以产业升级为导向的陕西省对外直接投资的产业选择策略研究>(15XWA03)的资助

摘　　要：中国上市公司股权集中度颇高,普遍存在控股股东且类型多元化,厘清不同类型股东的控股特征是研究中国上市公司治理问题的逻辑前提。本文以实际行权主体为判定依据,把上市公司控股股东分为三类,并深刻剖析其持股特征,发现:政府控股呈现出政府导向型价值取向、产权主体缺位严重以及行政干预下经营者控制等特征;国有集团控股的特征表现为市场导向型价值取向、产权主体缺位部分缓解以及控股股东与经营者双主体控制;而民营控股则具有金字塔式股权控制、产权主体监督到位、实际控制人主导的家族控制等特征。There is high equity concentration in Chinese l isted companies,and there are universal ly controlling shareholders, whose categories are diverse. Clarifying the holding characteristics of different shareholders is a logical premise to study listed companies＇ governance in China. Taking the actual exercise subject as the main criterion,this paper divides controlling shareholders into three categories and makes profound analysis of their holding characteristics. This paper finds that government holding presents such characteristics as government -oriented value orientation, the absence of subject of property rights, and the o perators ＇ control under administrative in terven tion, that the holding ch arac te ris tics of state-owned group are market-oriented value orientation, partial ab sen ce of subject of property r ig h t s, an d dual control o f controlling shareholders and man- agers,and that private holding has characteristics such as pyramid shareholding control,good supervision of subject of property rights, family control dominated by the actual controllers.

关 键 词：政府控股 国有集团控股 民营控股 控股特征 

分 类 号：F276.6[经济管理—企业管理]