Abstract: Equity structures are important for companies' governing, especially when they are relative to thenature of stockholders. However, they are not the only one affecting companies' governing and there is no opti-mal equity structures. Both highly concentrated and decentralized equity would do harm to stockholders and oth-er benefit related. It won't do to equalize the equity.

Key words: equity structure, securities company, governing mechanism

摘要： 股权结构对公司治理具有重要影响,特别是当股权结构同股东性质结合起来考察时更是如此。但是,股权结构只是影响公司治理的一个因素,不存在最优或合理的股权比例结构。股权高度集中的治理模式与股权分散的治理模式一样,都可能损害公众股东及其他利益相关者的利益。试图使各股东均匀持股并适度参与公司治理的努力,实践证明是行不通的。

关键词: 股权结构, 证券公司, 治理机制