国企改革视野下双层股权结构研究

发布时间：2018-01-12 20:36

本文关键词：国企改革视野下双层股权结构研究　出处：《四川师范大学》2017年硕士论文　论文类型：学位论文

【摘要】：国有企业改革又一次启动,深化国有企业改革的出发点和落脚点在于把国有企业打造成为真正独立的市场主体,而混合所有制是其的实现方式。如何由此路径完成改革,在它基础上构建符合现代高效率又能完成国有资本使命的公司制度就成了一不可回避的课题。许多新兴产业公司采取双层股权结构后所呈现的活力和良好的经济效益,使双层股权结构模式成为学术界研究和关注的焦点。双层股权不同“一股一权”的传统公司股权模式,它最核心的特点是以相对较少比例的股份实现对公司的控制。我国国有企业兼具营利性与公益性的双重性质,国企改革的目标也应该两者兼顾。而实现这一目标的前提需要国有资本在混合所有制国有企业中以某种方式获得控制权,这恰恰与双层股权结构的公司股权形式具有内在的契合性。双层股权结构的核心在于公司的控制权,其本身有很长的历史,几乎伴随公司发展始终,也被一些国家法律认可并采用。它之所以在争议之中兴起,又一次成为研究焦点,其中主要原因是经济实践中市场及主体对股权多样化的需求,而且公司理论的发展也对其提供了较强的支撑,其中最重要的是新制度经济学和法经济学方面的理论。双层股权结构在公司的融资、降低公司内外交易成本等方面具有制度价值;同时它也可能会导致公司监管的减弱、不同股东利益冲突加大等问题,需要在配套制度上予以完善。本论文通过探讨国有企业改革的定义和实质,分析考察双层股权结构的国外立法、制度价值和成本,基于解决国企改革的内在矛盾为目的,试图讨论两者结合或引入的可能性和必要性;并对这一过程中涉及的产权问题、公司管理问题和表决权的分配问题等做了与国企改革目标相对应的初步讨论。企业不是孤立的社会单位,而是内生于其所处的制度环境中,所以进一步分析了现有法律制度空间和框架,探讨完善双层股权结构的相关配套制度,找寻国企引入双层股权结构之路径。相关制度包括:明确表决权的适用范围和设计、公司治理模式设计、强有力的信息披露制度、完善诉讼保护制度等。论文共为六章,可分为双层股权结构研究和国企改革采用两大部分。第一章绪论。从国企改革的政策和双层股权结构的特点,引出研究这一问题的意义,说明论文的创新之处。第二章双层股权结构的概述。包括如下方面:内涵与实质;梳理其历史发展和国外公司现实运用情况;双层股权的理论基础;制度价值和制度成本。第三章国有企业改革采用双层股权结构之必要性与可行性。内容主要为:从国企的困境与改革目标角度分析必要性,从制度契合与现行立法空间角度分析可能性。第四章国有企业采用双层股权结构的基本法律问题。在制度引入“本土化”和消除双层股权弊端的角度讨论可能产生的问题:对象的适用性、产权制度、公司治理、股东表决权分配问题和内部制度完善。第五章国企引入双层股权结构之路径。论述采用双层股权结构的国企如何进一步完善公司治理的配套制度:明确表决权的适用范围和设计、公司治理模式设计、强有力的信息披露制度、完善诉讼保护制度。第六章结论。几点对本论文研究的反思:公司法的适应性品质、弹性股权结构有利于国企发展、双层股权结构和国企改革的再认识。
[Abstract]:The reform of state-owned enterprises once again start, starting point and goal of deepening the reform of the state-owned enterprises lies in the state-owned enterprises to create a truly independent market main body, and the mixed ownership is the way to realize it. Thus how to complete the reform path, construct the modern high efficiency and can complete the mission of state-owned capital company system on the basis of it is an unavoidable topic. Many emerging industrial companies take presents double ownership structure after the vitality and good economic benefits, the double ownership structure has become the focus of research and attention in academic circles. The double layer of different ownership "one right" of the traditional ownership mode, it is the core of implementation control of the company with a relatively low proportion of the shares. The state-owned enterprise of our country has the dual nature of for-profit and public welfare, the target of reform should be both real. The premise of this goal requires the state-owned capital in the mixed ownership of state-owned enterprises in some way to gain control of it, and the double ownership structure of the company equity has internal relations. The core of two-tier ownership structure lies in the control of the company, which has a long history, almost always with the company's development. Also by some countries and the legal recognition. It has emerged in the controversy, once again become the focus of research, which is the main cause of economic practice in the market and the subject of equity diversified needs, but also to the development of company theory provides a strong support, one of the most important is the new institutional economics and economics of law the theory of double ownership structure in corporate financing. The system has reduced the value of inside and outside the company to the transaction cost; at the same time, it may also lead to weakening of corporate governance, Different shareholder conflicts increasing, need to improve the matching system. This paper discusses the definition and essence of the reform of state-owned enterprises, analysis of double ownership structure of foreign legislation, system value and cost, solve the internal contradictions in the reform of state-owned enterprises based on the purpose of trying to discuss the possibility and necessity of the combination or the introduction; and the property issues involved in this process, the company management and the voting rights allocation problem discussed corresponding with the reform of the state-owned enterprises. The enterprise is not an isolated social unit, and is within the institutional environment in, so further analysis of the existing legal system and to explore the space framework. Improve the supporting system of double ownership structure, for the introduction of state-owned equity structure of the double path. The system includes: defining the scope of the voting rights and public design. Our design model of governance, information disclosure system and strong litigation protection system. This thesis is divided into six chapters, can be divided into double ownership structure research and the reform of state-owned enterprises by two parts. The first chapter is the introduction. From the characteristics of SOE reform policy and double ownership structure, the research leads to the significance of this issue, the the innovation of the paper. The second chapter gives an overview of two-tier ownership structure. Including the following aspects: Connotation and essence; combing the historical development and practical application of foreign companies; theoretical basis of double ownership; system value and system cost. The necessity and feasibility of double ownership structure using third chapter of the reform of state-owned enterprises. The main content is: the analysis of necessity the dilemma and reform of state-owned enterprises from the angle of target, the system fit with current legislation. The fourth chapter analyses the possibility of space angle of state-owned enterprises by the basic law double ownership structure The problem is introduced. The "localization" and eliminate the drawbacks in the angle of double ownership system discussed the possible problem: the applicability of the object system of property rights, corporate governance, perfecting shareholder voting rights allocation problem and internal system. The fifth chapter is the introduction of state-owned equity structure. The double path on the double ownership structure of state-owned enterprises to further improve the supporting the system of Corporate Governance: clear the scope of the voting rights and design, design patterns of corporate governance, information disclosure system and strong litigation protection system. The sixth chapter is the conclusion of this thesis. Some reflection: quality adaptability of the company law, the ownership structure of state-owned enterprises for the development of flexible, further understanding of double ownership structure and state-owned enterprises reform.

【学位授予单位】：四川师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.91

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