【头条评论】 客观看待“一股独大”对公司治理的影响

Core Viewpoint - The introduction of new policies such as the "National Nine Articles" and the CSRC's "1+N" policy framework has led to a systematic restructuring of the capital market's foundational systems and regulatory logic, significantly improving the quality and investability of listed companies in the A-share market since 2024 [1] Group 1: Governance and Ownership Structure - The phenomenon of "one share dominance" is prevalent in both domestic and international markets, with a significant portion of companies having a major shareholder with absolute control [2] - In domestic enterprises, state-owned enterprises account for about 8% of the total, while in private enterprises, major shareholders of top firms like JD and Alibaba hold over 20% of shares [2] - Research indicates that "one share dominance" can be rationalized as it allows founders to maintain control over strategic direction and decision-making, which is crucial for the company's growth [2] Group 2: Impact on Corporate Governance - Most studies suggest that the impact of "one share dominance" on corporate governance is neutral, with negative effects arising only under specific conditions [3] - The presence of "one share dominance" does not inherently lead to governance issues; rather, it is often the absence of other supervisory mechanisms that results in significant governance problems [3] - In competitive markets, "one share dominance" can facilitate quicker and more efficient decision-making, potentially enhancing governance effectiveness [3] Group 3: Regulatory Recommendations - Continuous improvement of the regulatory enforcement system for listed companies is necessary, including the development of detailed regulations to strengthen decision-making checks and balances [5] - The responsibilities of intermediary institutions must be reinforced to ensure effective regulatory oversight, including regular evaluations of their performance [6] - Enhancing investor awareness and rights is crucial, with mechanisms in place to lower the costs of protecting minority investors [6] - Tailored internal supervisory mechanisms should be established based on the nature of the enterprise, with specific measures for state-owned and non-state-owned enterprises to enhance governance [6]