一股独大

二是股权高度分散的公司，管理层在决策中占支配地位；三是一股独大的内部人控制情况。

The second is management control the position in the decision ;

湛江市股份制公司一股独大之弊端及对策

Measures to Solve the Irregularities of Insider Controlling in Share Companies of Zhanjiang

我国公司绝大多数属于强集中型的股权结构，公司治理问题的症结在于国有股一股独大和内部人控制。

The overwhelming majority of corporations in China belong to the highly concentrated ownership structure .

股权结构复杂且一股独大；

Stock-ownership structure is too complicated and the proportion of state-owned stock is too large .

提出国有股一股独大是目前我国上市公司内部治理机制失衡的一个主要原因。

Since the state-owned shares are main cause for the unbalance of inner governance mechanism .

一股独大是普遍存在于股份制企业中的公司治理问题。

Insider controlling is a problem for corporate governance which is widespread in share companies .

控制权私人收益与股权结构关系实证研究&论一股独大与控股股东侵害度

Private Benefits of Control and Ownership Structure & An Empirical Research on Concentration and Expropriation

股权高度集中，国有股一股独大；

The stock right is highly centralized , State-owned stock is " only one big share ";

非流通股一股独大是造成上市公司股权融资偏好的内部原因。

Non-circulating shares concentrated excessively are the intrinsic motivation of Chinese listed companies ' stock financing preference .

我国在市场经济体制不完善、国有股一股独大的背景下，公司治理存在着很多弊端。

Corporate governance in China has many evils in the background of imperfection of market economic system .

国有上市公司的股权结构显著特征是国有股一股独大以及流通股、非流通股人为分割。

The ownership structure is characterized by state-owned shares dominating singly and artificially division between circulating shares and non-circulating ones .

但是由于国有控股公司内存在着特殊的股权结构，即国有股一股独大。

But in the State-owned holding companies there exists special shareholding structure , which only the State shares is in the dominate position .

民营背景的家族控股上市公司存在着严重的另类一股独大（私人或家族大股东一股独大）现象。

Private-owned clan control listed-company exists serious special phenomenon " absolute ration share "( private or clan shareholder holding absolute ratio share ) .

其次，不利于企业构建科学的组织结构，成为企业提高运营效率和扩大再生产的绊脚石：还有，国有股一股独大并且不流通，使公司产权独立化成为形式；

Secondly , the phenomenon goes against scientific organization of a corporation , makes corporation not bring up operation efficiency and enlarge reproduction .

它更有利于提高一股独大公司的治理绩效，并修正资本市场的定价功能。

The reform could improve the governance performance of corporations with single big holder , and correct the pricing function of capital market .

然而，这种现象的产生与我国一股独大的股权结构密不可分。

However , the generation of this phenomenon and " one controlling shareholder " of the ownership structure are inseparable in our country .

然而一股独大的股权结构却容易产生大股东与小股东委托代理问题。

However , the equity structure of " one dominating stock " is prone to have agent problem between large shareholders and small shareholders .

高科技上市公司一股独大的畸形股权结构，导致了上市公司严重的内部人控制问题；

The abnormality equity structure in which state-owned shares are in dominated proportion leads to serious problems of insider control in hi-tech listed companies .

这表明国有股减持并非改善我国上市公司治理结构、保护投资者利益的唯一选择，在现阶段通过增加控股股东，改一股独大为多股同大可能是更加可行的措施。

In present stage , it might be a more feasible choice to transform the ownership structure from sole controlling shareholder to multiple controlling shareholders .

为了实现这种股权结构模式，解决我国国有企业股权封闭，国有股一股独大的局面，我国进行了国有股减持。

In order to realize this equity and solve the problem of closed equity in our country , we proceeded decreasing the percent of state-owned share .

表现为以前股权分置带来的同股不同权的影响、国有股一股独大和股权高度集中。

The performance of previously split share structure brought about different stake have different right , state-owned stocks is dominant , and stocks are highly concentrated .

依据资本多数决原则，持有多数股份的股东成为控制股东。一股独大悖论：中国证券市场的经验证据

In accordance with the majority Rule , the shareholder with the dominant shares dominate . Dominant Shareholder Paradox : the Evidence from China 's Securities Market

股权分置改革之前，在一股独大的国有企业中，高管变更概率与公司绩效显著负相关；

Previous to the sub-owned shares reform , in the control-shareholder state-run entrepreneurs , the change possibility of senior executives is correlated negatively to corporate performance ;

国内学术界在公司治理的研究中存在着诸如代理成本、一股独大、内部人控制及公司治理内容等方面的认识误区。

In domestic research circle , there exist such cognitive mistakes as agency cost , one share being overwhelming big , interior agent control , corporation governance .

我国上市股权结构的特征的最大特征之一是一股独大，国有股比例畸高。

In listing firms , one of the distinct characteristics is " one share is big alone ", the proportion of the state-owned share is extremely high .

文章还就家族上市公司利益分配的合理化以及一股独大股权结构的调整和完善提出了对策和建议。

On this basis , the paper has offered suggestions on the rationalization of interest distribution and perfection of the stock right structure in the family listed company .

可见，第一大股东对公司治理的作用并非一定负相关，一股独大并非一无是处，而需要在市场调节中渐进优化。

Visible , the first big shareholders of company governance role is not blindly negative correlation , but it needs to optimize its regulation in the market duds .

本文指出，导致现金股利政策的决定不科学的原因有以下：一股独大的股权结构导致上市公司经理人和大股东具有操纵现金股利的动机；

Following reasons lead to the improper cash dividend policy : the equity structure dominated by a shareholder makes the manager and dominating shareholder have incentives for controlling dividend policy ;

但是，也存在一些问题：一股独大现象严重，没有形成有效的股权制衡机制；管理层激励机制不健全。

However , there are some problems : due to the dominance serious , there is no effective checks and balances in equity ; management incentive mechanism is not perfect .

但是我国上市公司一股独大的集中型股权结构、所有者缺位以及内部人（控股股东和公司高管）控制的特征在短时期内仍然无法改变。

However , the features of listed companies still does not change such as , the concentrated ownership structure , the owner absence and insiders control in the short term .