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上市公司的资本构成是上市公司内在素质的一个重要判断依据。我国上市公司中的国有企业,因为特殊的上市背景,使其在资本构成上发生了异常的法律结构——不同股同权,也不同利。由此导致“国有股减持”问题,成为中国证券市场的心腹大患。上市公司资本的异常法律结构问题,作为具有中国特色的特别问题,使我们看到了结构层面上的公司资本构成,对于公司行为、公司资本运营以及上市公司的命运,将产生巨大的影响。作为证券市场上的典型问题,从法律异构角度进行分析,可以知道,在中国内地的证券市场上,为什么会有一大批“不怕死’的上市公司、众多的造假上市公司以及法人治理结构不能有效发挥作用的上市公司。
The capital formation of listed companies is an important basis for judging the inherent quality of listed companies. Because of the special background of listing, the state-owned enterprises in the listed companies in our country have abnormal legal structure in their capital structure - the same rights and different interests of different shares. As a result, the issue of ”state-owned shares reduction" has become a serious problem for China’s securities market. As a special issue with Chinese characteristics, the abnormal legal structure of listed companies’ capital shows us the composition of corporate capital at the structural level, which will have a huge impact on corporate behavior, corporate capital operation and the fate of listed companies. As a typical problem in the securities market, from the perspective of legal heterogeneity, we can know why there are a large number of listed companies that are not afraid of death in the securities market in mainland China. Many listed companies that fail to be dyed and corporate governance structures can not Effectively play a role in the listed company.