国有控股公司优先股制度法律问题研究

发布时间：2018-05-25 06:01

本文选题：国有控股公司 + 优先股　；参考：《河北经贸大学》2015年硕士论文

【摘要】：改革开放三十年来，中国的经济飞速发展，，经济体制改革不断深化，作为经济形式特殊且重要的群体——国有企业关乎于经济发展的命脉，搞活国有经济，国有控股公司扮演着异常重要的角色，其在国家与企业中起着举足轻重的作用。公司治理和相关制度在对资本市场的各种理论研究和探讨已日渐深入，更加偏向于学理发面的发展。自20世纪90年代起，优先股已被很多专家和学者认知，并将其并入发展蓝图。鉴于自己的兴趣，我更倾向于深入公司制度、章程和相关公司立法以及证券市场运行机制来研究学习，也试图在另一种理论高度并且兼具实践操作上把握，特别于本文也希望有考虑到的若在发行优先股后，相关的健全机制和完善的法律法规，并希望在于以后优先股发行和购买方订立购买协议时提一些自己的看法。受限于我国资本市场发展历程和市场环境的影响，我国的优先股制度一直驻足于理论探索阶段，但我们不可否认优先股作为一种融资手段和市场品种，已在国际市场上通行多年，在我国融入世界经济洪潮进程中，优先股制度绝对可以说是利大于弊的，优先股制度在我国经济领域中，目前可以说是大行其道，多方位试点。收集的种种信息显示：部分上市银行正在积极开展优先股试点的前期准备工作，证监会、银监会联合起草的《商业银行发行优先股补充其他一级资本指导意见》已编制完成，这会在很大程度上促进优先股制度的进程。国有银行、各家大型保险公司促进着优先股制度在具备天然优越性的国有大型公司中发行，种种资料显示，中建、保利地产对于发行优先股都是摩拳擦掌，这终将带来资本市场的变革。本文的引言部分主要阐释了论文的研究背景及目的，国内外研究现状及一些先进成功经验。优先股制度不是一种多么新的制度，但确实是非常好用的制度，借鉴国外先进发展经验，因地制宜，结合我国国有经济特别是国有控股公司发展现状，让优先股制度有理有据有借鉴地在国有控股公司中发展。本文的正文部分由三部分组成。第一部分主要是介绍国有控股公司和优先股制度的一般涵义、当前学术界的争论、现实可操作性和理论依据，从宏观上把握国有控股公司精髓以及优先股制度，找到二者结合点，深入分析，指导我们实践。第二部分主要阐释当前国有控股公司在理论和实践方面遇到的困境。制度上的不完善、法律上的空白，造成了实践上的障碍，这都制约优先股制度在国有控股公司中的发展滞后，要冲破这种局面，我们要找到症结所在，对症下药，扫清优先股制度在国有控股公司中的障碍。第三部分则是阐释实行国有控股公司优先股制度的一系列完善建议。国外关于优先股制度的先进经验我们是可以借鉴的，我们有一些我们自身的现实问题，对于国有控股公司优先股制度我们要从法律、制度、实践、监管等多方面予以完善，为其发展铺平道路。本部分从对比国外不同法系国家应用优先股方式方法的不同，对比得出一些我国实践中可借鉴的立法模式，从内部运行机制和外部管理手段提出了对于国有控股公司发行优先股的一般规则和特殊程序，细化到一些具体细节，也望于今后发行者和购买者能够予以借鉴，规避自身风险。
[Abstract]:In the past thirty years of reform and opening up, China's economy has developed rapidly and the economic system reform has been deepened. As a special and important group of economic forms, state-owned enterprises are related to the lifeline of economic development, and the state-owned economy is invigorating. The state-owned holding companies play an extremely important role in the state and enterprises. Since 1990s, priority shares have been recognized by many experts and scholars and have been incorporated into the development blueprint since 1990s. In view of their interest, I am more inclined to go deep into the company system, the Constitution and the related companies. Law and the operation mechanism of the securities market to study learning, and also try to grasp at another theoretical height and both practice and operation, especially in this article, which also hopes to consider the relevant sound mechanisms and perfect laws and regulations after the issue of priority shares, and hope that the future priority shares issue and the purchaser will conclude the purchase agreement. Some of your own views.
Limited to the development course of China's capital market and the influence of the market environment, the priority stock system of our country has been standing in the stage of theoretical exploration. However, we can not deny that the preferred stock is a kind of financing means and market variety, which has been used in the international market for many years. The priority stock system can be absolutely said in the process of integrating the flood tide of the world economy in our country. In the economic field of China, the priority stock system is in the economic field of our country. At present, it can be said to be a big way and a multidirectional pilot. The collection of information shows that some listed banks are actively carrying out preliminary preparatory work of the pilot of the preferred stock. The CSRC and the CBRC jointly draft the commercial bank issue priority shares to supplement the other first level capital. It will greatly promote the process of the preferred stock system. The state-owned banks, the large insurance companies, have promoted the priority stock system to be issued in large state-owned companies with natural superiority. The change of the field.
The introduction of this article mainly explains the research background and purpose of the paper, the status of domestic and foreign research and some advanced successful experiences. The priority stock system is not a new system, but it is really a very good system, drawing on the advanced foreign development experience, adapting to local conditions, combining the state owned economy, especially the development of the state holding company. In the current situation, the preferred stock system is well founded and has reference to the development of state holding companies.
The text part of this article is composed of three parts. The first part mainly introduces the general meaning of the state holding company and the priority stock system, the current academic debate, the realistic operability and the theoretical basis, and grasp the essence and the priority stock system of the state-owned holding company from the macro level, find the two combination point, analyze deeply and guide our practice.
The second part mainly explains the plight of the current state holding company in theory and practice. The imperfect system and the blank of the law have caused the obstacles in practice. It all restricts the lag of the development of the preferred stock system in the state holding company. To break this situation, we should find the crux of the problem and make clear the priority. The obstacle of the stock system in the state holding company.
The third part is to explain a series of perfect suggestions for the implementation of the preferred stock system of the state-owned holding company. We can learn from the advanced experience of the preferred stock system abroad. We have some practical problems of our own. We should finish the system of state holding company priority stock from many aspects, such as law, system, practice, supervision and so on. In this part, from the comparison of the different methods of applying priority shares in different countries of foreign countries, this part compares some legislative patterns that can be used for reference in our country, and puts forward the general rules and special procedures for issuing priority shares of state-owned holding companies from internal operation mechanism and external management means. Some specific details are also expected to be used by future issuers and purchasers to avoid their risks.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.291.91

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