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The shareholding structure of listed companies

2019-10-19 来源: 51Due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- The shareholding structure of listed companies,供大家参考学习,这篇论文讨论了上市公司的股权结构。股权是股票所有者的权利,它给予持有者一定的权益,并要求其承担相当的义务。股权是股东根据自身地位可以向公司要求的权利。在企业所有股本中,具有不同属性的股份所占的比例以及它们内部的联系即为股权结构。股权结构影响着公司的治理结构。公司要想实现发展应当完善它的治理结构,而完善结构的前提是在各大股东之间分配好股权。目前,上市公司的股权结构最大的问题是股权过度集中。

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Equity is the right of stock owners. Ownership structure affects the corporate governance structure. If a company wants to achieve development, it should improve its governance structure, and the premise of improving the structure is to allocate equity among major shareholders. At present, the biggest problem of the ownership structure of listed companies is the excessive concentration of ownership. However, at present, there is no discussion on the ownership structure at home and abroad, most of them are studying the relationship between ownership structure and enterprise performance, and there are few methods to solve the disordered ownership structure. Therefore, the study of ownership structure has certain practical significance.

The ownership structure of listed companies in China was initially formed in the process of establishing a modern enterprise system. Due to the existence of the system, it was restricted in the process of formation, so it has obvious Chinese characteristics. The key problem in the ownership structure of listed companies in China is the excessive concentration of ownership, especially the proportion of state-owned shares.

Equity is the right of the stock owner, which gives the holder certain rights and requires him to assume corresponding obligations. Equity is the right that shareholders can claim from the company according to their status. In all share capital of an enterprise, the proportion of shares with different attributes and their internal relations are called ownership structure.

Ownership structure can be divided according to the two standards of ownership concentration and ownership attribute. First, according to the degree of ownership concentration, ownership structure can be divided into three types. The first is highly concentrated, in which the majority of shares issued by listed companies are bought by absolute controlling shareholders. The absolute controlling shareholder owns an overwhelming majority of shares compared with other investors and has absolute control. The second type is highly decentralized, that is, there is no case where the same person owns a certain number of shares of listed companies, and there are no major shareholders in the company. In this case, the ownership and management of the company are almost no overlapping parts. In the third type, a company has a major shareholder who owns most of the company's shares, but is not in absolute control, only in relative control. Secondly, according to the property division, equity can be divided into two categories, namely tradable shares and non-tradable shares. Non-tradable shares refer to that, before the listed company issues shares to all the public, its shareholders decide not to trade in the market temporarily. In this period of time, the shares can only be transferred by agreement if they want to circulate. Free float is to point to, in the share of listed company, the stock that can trade freely in the exchange.

In China's listed companies at the present stage, many scholars use the term "single large" to describe the ownership structure. This means that the majority shareholder holding a high and stable proportion. The problem of high concentration of equity is particularly obvious in the state - owned stock holding. Since most of the listed companies in China are formed from restructuring, the concentration of shares is relatively high. This kind of ownership structure brings a lot of resistance to the management and renovation of the company.

The irrationality of this equity structure is mainly manifested in the large proportion of different types of shares in the total equity, and the major shareholders are in an absolute dominant position. Excessive concentration of equity will lead to excessive participation of controlling shareholders in the company, which will lead to the lack of independence of directors, including independent directors, supervisors and even intermediaries, which will lead to serious problems of interest encroachment.

Insider control means that the operator essentially controls the enterprise. This is because listed companies separate their ownership and operation rights, and the interests of owners and operators differ greatly, resulting in insider control. The separation of ownership and management leads to the inability of shareholders to effectively supervise the operators, and the rights of financing and investment are controlled by the insiders of the operating company.

The board of supervisors of a listed company includes supervisors elected by the functional congress and supervisors nominated by shareholders. None of them had a supervisory role. From the perspective of the staff representatives at the grass-roots level, they are under the leadership of the upper directors and managers at work, and it is difficult for them to exercise the right of supervision under such pressure. From the point of view of the supervisors nominated by the company's shareholders, they have to answer to the shareholders and it is difficult for them to exercise the right of supervision. In addition, under the current situation, the operation of the board of supervisors is usually superficial and there is no substantial action when the supervision skills of the company's personnel are deficient and the company is not aware of fulfilling its supervision responsibilities.

Dual share structure means that the company issues different types of common shares, which makes the ownership structure of the company more complicated. The dual-class share structure is different from the single-class share structure. The management enjoys the advantage of super voting power brought by the shares through the special setting of share voting rights, so that the original shares can be diluted without losing control when the company makes major decisions. According to the dual-class share structure selected by different international enterprises, they usually assign two common shares with different voting rights, so that the management can maintain control over the company. However, due to the differences in internal factors of different enterprises, there may be differences in the specific design of dual-class ownership structure used by listed companies. At present, the purpose of dual-class ownership structure is to maintain control over the company. Dual-class share structures allow companies to issue shares with different voting rights. In order to avoid the supervision of external shareholders, the management of some long-term investment projects needs to be able to give them voting rights in the dual-share system. External shareholders tend to ignore the long-term development of the company for their own short-term interests, so long-term investment projects formulated by the management could not get the support of external shareholders. However, if the management has enough voting rights, it does not need the support of external shareholders and can pass the resolution smoothly. Secondly, the separation of cash flow right and voting right of stock is realized. Under a dual-class share structure, management allows a company to issue shares with different voting rights for the same shares in order to maintain control over the company. Internal shareholders enjoy more voting rights and major decision-making rights. This structure will also be conducive to the realization of corporate governance structure objectives. Finally, there is complex management. No matter whether an enterprise is newly established or has a long family history, the original purpose of applying dual ownership structure is to maintain control over the enterprise. In this way, it can be seen that another feature of dual ownership structure is that the identity of the management who enjoys the control of the enterprise is very complicated. In enterprises with dual-class ownership structure, the large management team and senior managers have the highest position in corporate supervision. The reason why dual share structure is applicable in China. At present, about 7% of the companies listed with dual share structure have adopted this structure for two reasons: on the one hand, the Internet technology industry and high-tech industry have developed rapidly since the 21st century. Was founded, on the other hand, the new and high technology industries, the initial shareholder is mastering the high-end technical personnel, mostly their professional technology content high, but insufficient funds hold equity in financing cannot support they continue to control the company, after the dual ownership structure can achieve founding shareholders to maintain control of the company's needs. In recent years, China's high-tech industry has been developing continuously. At present, we can learn from the dual-class share structure in the United States to meet the needs of technicians who have technology but lack capital to maintain corporate control. Microsoft has used the method of dispersing shares to adjust the ownership structure, reduce risks and improve competitiveness. The following is an example of how to split shares in Microsoft.

Microsoft has arguably set a precedent for companies that use stock options to reward average corporate employees. In the company's staff can have the opportunity to get the shares of the company, and be given preferential reached 15%, employees in the company if they are professionals and reach the advanced level, can enjoy preferential strength significantly more than the ordinary employees, staff in the company at the same time, if you have already played more than a year for the company, can have some special right to buy and sell stocks. Under this system, part of Microsoft's shares will flow to ordinary employees and grassroots managers, so as to effectively solve the problem of high concentration of shares. But by paying interest to the owner of the stock, the owner gets the profit entirely from the rise in the market price. During the period of rapid development of the world information technology industry, Microsoft adopted this method to absorb and retain many top IT talents, which greatly enhanced its core competitiveness and made IT a pioneer leading the whole industry up to now.

Companies can diversify their holdings by delegating shares and buying stock rights, as Microsoft was shown above. For example, stock options are used to reward employees, and certain stock trading privileges are given to the company's senior employees, so that the company's shares will slowly flow to ordinary employees and grassroots managers.

The reform and internal governance of China's listed companies can choose a new model, namely dual share structure. However, we need to note that it is not intended to completely replace the single-layer equity structure with the same share and the same ownership. They can coexist, so the company has different options. In addition, the smooth implementation of dual share structure is mainly due to the existence of an effective market, which can guarantee the operation quality of the securities market. But if dual-class share structures are to be built, the regulatory regime of the securities market must be reshaped before then.

The ownership structure determines the management structure of the enterprise and is reflected in the performance of the enterprise. The reasons for the unreasonable ownership structure of the listed company mainly include serious insider control and the failure of the board of supervisors to play a supervisory role. This paper analyzes the ownership structure of Microsoft and the United States, and puts forward some Suggestions based on China's national conditions. Dispersed equity is not achieved overnight, want to solve the problem of unreasonable ownership structure there are many methods, such as appropriate introduction of employee shares, the implementation of property rights replacement. Due to the limited ability of the author and insufficient research time, the Suggestions proposed in this paper also have some shortcomings, which cannot produce immediate effects. Therefore, more studies are needed to find solutions to the problem of ownership structure.

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