A Summary of Researches on Shareholding Structure, Dividend Policy and Corporate Governance of Listed Companies in China:Based on the Research Perspective of the Shareholding Structure Changes after the Equity Splitting Reform

Abstract

股权结构是公司治理结构的基础。我国推行股权分置改革旨在优化上市公司的股权结构,提高公司治理效率。股权分置改革后上市公司股权结构发生了变化。通过研究上市公司股权结构、股利政策和再融资行为之间的关系,可以找到优化我国上市公司股权结构的目标和途径。以便针对股权分置改革后我国上市公司治理制度可能存在的缺陷,提出完善公司治理制度、保护中小投资者利益的对策建议,并指出股权分置改革后我国证券市场发展可能面临的新问题。Shareholding structure is the basis of corporate governance structure.The aim of China’s equity splitting reform is to optimize the shareholding structure of the listed companies and improve the efficiency of corporate governance.After the equity splitting reform,the shareholding structure of the listed companies has changed.Through researches on the relationships between the shareholding structure,the dividend policy and refinancing behavior of the listed companies,the aims and approaches to optimize the shareholding structure of the listed companies can be found. So that some countermeasures and suggestions can be proposed to improve the corporate governance system and protect the interests of the small and medium investors, when aiming at any flaws that may exist in the corporate governance system of the listed companies after the reform. This paper also points out some new problems that China’s stock market may be faced in the course of development after the equity splitting reform