中國股權分置改革對上市企業影響之研究

本研究主要目的是要了解中國大陸股權分置改革對資本市場之影響。由於股權分置對中國資本市場的未來發展有八大危害，尤其是股權分置把上市公司變成了股東之間的利益衝突體，而不是利益共同體、損害了資本市場的定價功能、使中國資本市場不可能形成考核標準和有效激勵機制，使中國資本市場喪失了發展的動力。因此，股權分置改革勢必對上市公司之經營績效有深遠之影響，其中包括來自經濟學和法學的理論解釋、市場估價體系、市場走勢分析、資本市場的功能轉型、股權結構與公司治理、股東行為新特徵、考核與激勵機制、資訊揭露與透明度、資本市場規則調整、控制權市場、金融文化與投資理念等十一個面向。

關鍵字

中國股權分置改革；中國股權

並列摘要

The main purpose of research is to understand the stock right of China's Mainland and assign to and put the influence on the capital market of the reform. Because the stock right is divided and put to the future of Chinese capital market it is endangered greatly that there is eight in development, have especially assigned to and put and changed the listed company into the interests conflict body between a shareholder in stock right, but not interests community , damage pricing function of capital market , make Chinese to be capital market impossible to form the assessment criteria and effective incentive mechanism, make the Chinese capital market lose themotive force of development. So, the stock right certainly will have far-reaching influence on management performance of the listed company while dividing the reform of putting, include the theories from economics and law science to explain, valuation system of the market, analysis of general trend of market development, the function of the capital market makes the transition, stock right structure and company are managed , new characteristic of shareholder's behavior, examine and reveal to incentive mechanism , reveal and transparency in information, regular adjustment of capital market , control power market , financial culture and investment idea ,etc. 11 face.