Abstract: The report of the 20th Party Congress points out that Chinesestyle modernization is the modernization of common wealth for all people Common wealth is the essential requirement of socialism and an important content of the cause of socialism with Chinese characteristics，the realization of which cannot be achieved without the change of corporate behavior on the supply side and production side Whether the shareholding structure of stateowned listed enterprises，as largescale enterprises at the head of the industrial chain and the core of the supply chain，may play a certain role in the promotion of common wealth on the supply side of the market has become the question this paper wants to answer
Based on the research perspective of common prosperity，this paper takes Ashare stateowned listed enterprises as research samples during the period of 20112020，and attempts to empirically test the synergistic sharing effect of the diversity，depth and integration of equity entities by constructing a comprehensive index of common prosperity within the enterprise，as well as the moderating role of the internal resource effect and the external government intervention by constructing a comprehensive index of common prosperity within the enterprise，and further analyze the influence of the heterogeneity of different types of enterprises and further analyze the impact of heterogeneity of different types of enterprises 
The results of the study indicate that equity diversification can significantly promote the degree of common wealth within enterprises，and that there is an “inverted Ushaped” relationship between the depth of equity，the degree of integration of equity and the common wealth within enterprises Through the inflection point of the “inverted Ushaped” curve，the article found that when the level of common wealth within the stateowned enterprises reaches the optimal level，the optimal proportion of nonstate shareholders among the top ten shareholders is 368% From the perspective of moderating effect，enterprises with strong availability of credit resources and low level of implicit government guarantee can achieve the optimal level of common wealth with relatively low proportion of nonstate equity or low heterogeneous equity integration In terms of heterogeneity analysis，on the whole，adjusting the equity structure has a more significant effect on the level of common wealth within local SOEs，monopolistic industries，and lowmarketization regions than that of central SOEs，competitive industries，and enterprises in highmarketization regions
In a sense，the existence of an optimal shareholding structure in SOEs that is conducive to internal common prosperity is an important theoretical foundation for more active participation in the strategy of “solidly promoting common prosperity” in the future The findings of this paper provide policy insights for China to further deepen the reform of stateowned enterprises and to promote the realization of the goal of common wealth

Key words: common prosperity, equity structure, stateowned enterprises, reform of stateowned enterprises

摘要： 共同富裕是新时代新征程的重要使命，企业作为最活跃的市场主体，如何参与推进共同富裕是社会主义市场经济建设中的重要问题。本文基于优化股权结构的研究视角，以2011—2020年A股国有上市企业为研究样本，尝试通过构建企业内部共同富裕综合指标以实证检验股权主体的多元化、深入性与融合度对企业内部共同富裕的影响。研究发现：首先，股权主体多元化能够显著促进企业内部共同富裕，股权主体深入性、融合度与共同富裕之间存在“倒U型”关系；其次，当企业的内部资源效应越强，外部政府干预程度越低时，企业通过适度的股权结构优化便能达到内部共同富裕的最优点；最后，股权结构对企业内部共同富裕的影响在地方国企、垄断性行业以及地区市场化程度低的企业中更为明显。本文的研究结论对于我国进一步深化国有企业改革、推动实现共同富裕目标具有一定的参考价值。

关键词: 共同富裕, 股权结构, 国有企业, 国企改革