我国私募股权投资中引入优先股的理论解析与现实思考

发布时间：2018-01-01 01:21

本文关键词：我国私募股权投资中引入优先股的理论解析与现实思考　出处：《山东社会科学》2014年03期 　论文类型：期刊论文

【摘要】：虽然优先股在境外市场是成熟的证券品种,西方发达国家已经广泛使用,但在我国由于法规制度等多项限制因素,优先股还是一种相对较新的融资方式。优先股不仅在私募股权投资领域有着独特的功能,而且对于我国国有资产深化改革、吸引保险等资金入市、完善公司股权结构、平抑二级市场泡沫等方面也有巨大的价值。在优先股的实现路径上,既不宜走自上而下的方式,即从理论论证到人大立法,然后到各项规则细则的制定再到进行试点和反复完善;也不能走激进的道路,用行政手段强行推开;比较可行的办法就是平行推进。
[Abstract]:Although preferred stock is a mature security in the overseas market, it has been widely used in western developed countries, but in our country due to a number of restrictions, such as the legal system. Preference stock is also a relatively new financing method. Preferred stock not only has a unique function in the field of private equity investment, but also deepens the reform of state-owned assets in China and attracts funds such as insurance into the market. It is also of great value to perfect the corporate equity structure and to calm the bubble in the secondary market. In the realization path of preferred stock, it is not suitable to go from top to bottom, that is, from the theoretical argument to the legislation of the people's Congress. Then to the formulation of the rules and regulations to the pilot and repeated improvement; Nor can we take the radical road and force it away by administrative means; The more feasible way is to push in parallel.
【作者单位】：清华大学经济管理学院;
【分类号】：F832.51
【正文快照】： 一、引言2013年11月30日发布的《国务院关于开展优先股试点的指导意见》,被业界解读为深化金融体制改革的一项值得期待的重要举措。优先股的试行,是推进多层次资本市场建设的重要步骤,对上市公司、投资者等各方资本市场的参与者都将具有积极的意义。近年来全球经济走低,我国股

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