Through the analysis in orientation of efficiency and equalization of financial capacity in highly centralized model , stratified responsibility model and tax - separating fiscal system , the chapter outlined the completed prospect of local pubic fiscal capacity in china with changing of the centralization and < wp = 8 > decentralization 分析了处于高度集< wp = 6 >权型、包干型、分税制财政体制下财力分配的效率与公平取向,勾勒出建国以来我国地方政府财政能力随体制集权与分权变化的概貌图景。
Under the traditional central planning system , chinese enterprises were not independent legal entities but production units that subordinated to the highly centralized management of government ' s financial allocation and a small portion of bank loan . enterprises had no choice in financing their operation , and the corporate financing methods would not be needed in such a system 在传统的计划经济体制下,中国的企业实质上并不是独立的经济实体,而是隶属于政府部门高度集中管理的一个生产性机构,那时企业资金来源是财政拨款和很少的一部分银行贷款,企业没有融资的自主权,当然也不存在融资方式的选择问题。
From an empirical analysis of the relationship between operating performance and the ownership structure , liquidity structure and centralization of equity , this paper concludes that , compared with highly centralized or decentralized equity structure , moderately centralized equity structure with the biggest shareholder as the legal person can contribute to promoting operating performance and should , therefore , become the target model for optimizing the equity structure of the chinese listed companies 摘要通过实证分析股权的所有制结构、流通性结构、集中程度与经营绩效的关系,得出如下结论:和高度分散、高度集中两种股权结构相比,适度集中且第一大股东为法人的股权结构有利于提高公司的经营绩效,因而应成为优化我国上市公司股权结构的目标模式。
In chapter three , the author describes the current situation of share structure in china and how it affects the corporation governance of listed companies . the essential features of share structure include that the share structure is highly centralized , the proportion of the uncirculative shares is too high . all these have produced the serious adverse sequent to the corporation governance 通过对上市公司股权结构现状的分析,认为国有股一股独大是中国的特色。主要因为绝大部分上市公司由国有企业改制而成,以及渐进式的改革模式要求国有股在上市公司中控股且规定其不能流通。