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《Finance and Economics》 2002-03
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Equity Structure,Value of Company and the Low Efficiency of China's Stock Market

by Sun-Yiran  
The present theories and positive researches do not draw a unanimous conclusion on the relationship between equity structure and value of the company. Some propose that they have strong correlation, while others do not. Staring from a simple model, this article points out that one cannot simply ascribe the low efficiency of China's stock market to equity structure. Actually, both centralized and dispersive equity structure can be optimum and can lead to maximum of the value of company. The article analyzes the discrepancy between the theoretical optimum and actual low efficiency, and argues that the root lies in the abnormal match between non-market institutional foundation and market-oriented economic entities. To solve this problem, it should start from the institution to release the liquidity income and to control income.
【CateGory Index】: F832.5
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