| Summary: | 碩士 === 國立臺北大學 === 會計學系 === 94 === Summary of the master thesis:
The equity division of listed companies in China has been a specific issue resulting from the reform of the shareholding system in China’s national enterprises. It plays a crucial role in the reform of China’s economic system and is a historic fundamental issue that will influence the integration of the capital market and its long-term development. At the same time, equity division is also a unique topic in the world, so there is no comparative principle or precedents to be flowed for the reform. In order to reform equity division of listed companies , based on the spirit of “National Article 9”decreed by the State Council, China Securities Regulatory Commission release “Notice on The Issues for The Pilot Work of Equity Division Reform for Listed Companies” in April 29, 2005, and officially launched the pilot work of equity division reform trying to solve the problems that China has encountered in the development of their capital market. The problems have specially and seriously hindered the interests of small and medium investors.
The purpose of this study is to investigate the history of equity division as the inception, and analyze the background of equity division occurring to China’s listed companies, the strategy of equity division reform system, the statutory system, the status of equity division reform carried out by listed companies, and related critical issues. The study used systematic method to depict how equity division reform leads China’s listed companies to make headway toward a critical milestone with modern enterprise management system and the revolution of the capital market, and the logic thinking that all listed companies anticipate and pursue for system reform in their fulfillment of equity division reform. At the same time, this study has also given an in-dept analysis to the influence of equity division reform on China’s securities market system. It may provide those who desire to have a better understanding about the current reform in China’s capital market with aggressive, useful and valuable information.
Based on China’s equity division and reform related books, periodicals, research reports, announcement released by China Securities Regulatory Commission and the departments subordinated to the State Council, information released on the major financial websites together with the data collected at the various areas in China, it has been hoped that this study would lay its groundwork on the information view to investigate the reform of China’s equity division, so the thesis may elucidate the reform of China’s equity division in detail in a most objective manner. Moreover, the reformed motions and statistics released on the official websites by listed companies that have involved in the reform of equity division were also used as the reference of this thesis.
The methodologies used in the study include: 1.Literary analysis: the above mentioned information regarding equity division and its reform have been perused and compiled for inductive analysis. 2. Historical research approach: to study and understand the incident development routine from the occurrence of the incident and its development in the history process. 3. Content analysis: based on the reference data and documentary collection as the analysis tool, the theme of the study has been inferred so as to have a better understanding about the context and content of equity division reform. 4. Inductive method: to compound all the data for a comprehensive analysis and induce the new facts with systematic method, so as to conclude the study and give improvement recommendations.
From the history dimension, the study has tried to give a clearer picture about history so as to conjure up the future. It has mainly explored the chronicle of history background accrued from the equity division, analyzed the meaning and influence of equity division and understood the essence of the problem caused by equity division interfering the capital market. On the front of this, the study has directly identified the thinking direction and objective of China’s strategy for the enforcement of equity division reform, elaborated on the positivist result of equity division reform implemented by China’s listed companies after pilot work of equity division reform and sponsorship work implementation, and summed up the important issues of equity division reform.
As per the conclusion of the study, it’s not that the problems that China’s capital market has can be totally settled after equity division problem being resolved. The structural problem and the structural contradiction in the deeper layers have still remained unchanged in China’s capital market. To govern listed companies for the problems, such as exclusive predominance, absence of owners, transactions of involved person, the protection of investor’s rights and interests, will all require rather long-term institutional construction. However, equity division reform would doubtlessly provide listed companies with strong and encouraging perspectives for stock ownership, enhance corporate governance level of listed companies, improve corporate management efficiency and reinforce investor’s confidence. Nevertheless, equity division problem is only one of the historic fundamental issues in China’s capital market. It will be a sophisticated systematic engineering program to solve the fundamental and institutional problems. The reform of equity division has to be instantaneously followed by the resolution of the deeper layer problems in the capital market, so in the end, China’s capital market can therefore healthily grow.
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