中国电力上市公司股权结构问题研究

:2003209216,(,430072)[](19582),,,,,;(19672),,,,[],,,,,,[];;;Q[]F830.91[]A[]167227320(2004)0120028205,,,2002930,17,117,1.,1,,9,,,,,,,2.,57120041()WuhanUniversityJournal(Philosophy&SocialSciences)Vol.57.No.1Jan.2004.028032©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,1,17A,,()6.1%,()60.5%,10,117()(%)000993119847.000066.12209.64000.6000966113369.248036.126948.156018.7000767117955.000041.2213545.000031.1000543146800.000060.524759.00006.1A0005391133380.000050.128775.00003.3A00053417986.000038.321452.00006.96000111255484.000042.5245225.00007.56001161()3698.200021.123273.600018.760013118484.300028.625940.00002060029214429.100026.423000.000017.9600236136253.730053.62()13126.566719.4600310111075.000070.62262.59071.66006421()105306.970058.727513.02604.1600726138396.493334.222956.53342.6600744130985.504543.523951.26695.5600795147677.964034.0243473.817831.06008631()59224.482259.7212613.517812.7:20023.,(20%),,;(20%50%);(50%),,921,:©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,,2,,541.5%,150%7,1745%50%,20,3.5,2(%)20.125.441.533.1:Prowse(1995),1.,,,,,,,,,,,,,,;,,,,,,,,,,,2.,,,,,,,,,30%,,45%,,,,,1,330%,3,30%,,,3.03()57©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.(Jensen)(Meckling)1988,(Tobin)Q,,:1Q:,Q,50%,Q,50%,Q50%,;50%,;50%,45%,50%,117560%,1050%,A50%,1.,1Q,,,,,,,,,,,,70%,,,,2.,,,,,,Q,,,,,,,;,,,3.,,,,,75%,,,131,:©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,,,,,[][1],.[J].,1999,(12).[2].[J].,2002,(8).[3].[J].,2000,(4).[4].WTO[J].,2002,(10).[5].[J].,2002,(3).()ListedCompanyofChinasElectricPower:StructureofStockRightsWANGHe2xi,HUWei(WuhanUniversityBusinessSchool,Wuhan430072,Hubei,China)Biographies:WANGHe2xi(19582),male,Associateprofessor,WuhanUniversityBusinessSchool,majoringintheoryofaccountingandfinance;HUWei(19672),male,Graduate,WuhanUniversityBusinessSchool,majoringintheoryoffinanceandaudit.Abstract:TheindustryofelectricityinChinaistraditionallyoperatedbythestate2ownedenterprises,whichhavebecomelistedcompanieswiththereconstructionofthecapitalstocksincetheendofthe20thcentury.Atpresent,theindustryofelectricyobviouslyexistsmanyunreasonalbefactors.Forexample,thestate2ownedshareistoolargewhiletheshareofinstitutionalinvestorsistoosmall,theconcentrationofsharerightsisindisequilibriumandsoon.Thesefactorsdramaticallyobstructtheimplementationoftheshareholdersmanagerialrightsandthetransferoftheshareholderscontrollingrights.Accordingly,theoperatingperformanceofthesecompaniesisbadlyaffected.Thispaperanalyzestheaboveissuesdeeplyandoffersaseriesoffeasiblemeasuresrelatedtotheoptimumstructureofsharerights.Keywords:state2ownedshares;structureofstockrights;concentrationratioofstockrights;QTobinvalue23()57©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.