夹层资本、契约条款治理机制与国有企业混合所有制改革

发布时间：2018-01-18 05:14

本文关键词：夹层资本、契约条款治理机制与国有企业混合所有制改革　出处：《经济与管理研究》2016年01期 　论文类型：期刊论文

【摘要】：本文结合公开市场发行夹层资本案例和定向发行夹层资本融资并购案例,提出夹层资本契约条款理论分析框架。从国有企业角度借鉴现有夹层契约条款,质性划分条款类型并挖掘不同融资并购情形下条款背后的治理机制。首先,本文将通过划分契约条款设计"主动权"的归属,明晰国有企业面对不同类型投资者的决策力量。其次,承接"主动权"思想,将条款质性划分为激励性、保护性和抑制性,解析其背后隐含的公司治理功能。最后,从条款角度为参与国企混合所有制改革的企业提出使用建议。
[Abstract]:Based on the case of open market mezzanine capital issue and mezzanine capital financing M & A, this paper puts forward the theoretical analysis framework of mezzanine capital contract clause. From the angle of state-owned enterprises, we can learn from the existing mezzanine contract terms. Qualitative division of clause types and excavation of the governance mechanism behind the terms in different financing mergers and acquisitions. Firstly, this paper will design the ownership of "initiative" by dividing contract clauses. To clarify the decision-making power of state-owned enterprises in the face of different types of investors. Secondly, to undertake the idea of "initiative", to divide the qualitative nature of terms into incentive, protection and inhibition. Finally, from the point of view of clauses, the author puts forward some suggestions for the enterprises involved in the reform of the mixed ownership of state-owned enterprises.
【作者单位】：首都经济贸易大学工商管理学院;
【分类号】：F275;F275
【正文快照】： 自1997年起,党的十五大明确提出发展以股份制为代表的混合所有制,到十八届三中全会《中共中央关于全面深化改革若干重大问题的决定》提出国有资本、集体资本、非公有资本等交叉持股,相互融合政策,发展以股份制为代表的混合所有制企业已经成为国有企业改革的方向。但以股权方式

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