本文關(guān)鍵詞：國(guó)企改革視野下雙層股權(quán)結(jié)構(gòu)研究　出處：《四川師范大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 國(guó)企改革 混合所有制 雙層股權(quán)結(jié)構(gòu) 公司治理 制度路徑

【摘要】：國(guó)有企業(yè)改革又一次啟動(dòng),深化國(guó)有企業(yè)改革的出發(fā)點(diǎn)和落腳點(diǎn)在于把國(guó)有企業(yè)打造成為真正獨(dú)立的市場(chǎng)主體,而混合所有制是其的實(shí)現(xiàn)方式。如何由此路徑完成改革,在它基礎(chǔ)上構(gòu)建符合現(xiàn)代高效率又能完成國(guó)有資本使命的公司制度就成了一不可回避的課題。許多新興產(chǎn)業(yè)公司采取雙層股權(quán)結(jié)構(gòu)后所呈現(xiàn)的活力和良好的經(jīng)濟(jì)效益,使雙層股權(quán)結(jié)構(gòu)模式成為學(xué)術(shù)界研究和關(guān)注的焦點(diǎn)。雙層股權(quán)不同“一股一權(quán)”的傳統(tǒng)公司股權(quán)模式,它最核心的特點(diǎn)是以相對(duì)較少比例的股份實(shí)現(xiàn)對(duì)公司的控制。我國(guó)國(guó)有企業(yè)兼具營(yíng)利性與公益性的雙重性質(zhì),國(guó)企改革的目標(biāo)也應(yīng)該兩者兼顧。而實(shí)現(xiàn)這一目標(biāo)的前提需要國(guó)有資本在混合所有制國(guó)有企業(yè)中以某種方式獲得控制權(quán),這恰恰與雙層股權(quán)結(jié)構(gòu)的公司股權(quán)形式具有內(nèi)在的契合性。雙層股權(quán)結(jié)構(gòu)的核心在于公司的控制權(quán),其本身有很長(zhǎng)的歷史,幾乎伴隨公司發(fā)展始終,也被一些國(guó)家法律認(rèn)可并采用。它之所以在爭(zhēng)議之中興起,又一次成為研究焦點(diǎn),其中主要原因是經(jīng)濟(jì)實(shí)踐中市場(chǎng)及主體對(duì)股權(quán)多樣化的需求,而且公司理論的發(fā)展也對(duì)其提供了較強(qiáng)的支撐,其中最重要的是新制度經(jīng)濟(jì)學(xué)和法經(jīng)濟(jì)學(xué)方面的理論。雙層股權(quán)結(jié)構(gòu)在公司的融資、降低公司內(nèi)外交易成本等方面具有制度價(jià)值;同時(shí)它也可能會(huì)導(dǎo)致公司監(jiān)管的減弱、不同股東利益沖突加大等問題,需要在配套制度上予以完善。本論文通過探討國(guó)有企業(yè)改革的定義和實(shí)質(zhì),分析考察雙層股權(quán)結(jié)構(gòu)的國(guó)外立法、制度價(jià)值和成本,基于解決國(guó)企改革的內(nèi)在矛盾為目的,試圖討論兩者結(jié)合或引入的可能性和必要性;并對(duì)這一過程中涉及的產(chǎn)權(quán)問題、公司管理問題和表決權(quán)的分配問題等做了與國(guó)企改革目標(biāo)相對(duì)應(yīng)的初步討論。企業(yè)不是孤立的社會(huì)單位,而是內(nèi)生于其所處的制度環(huán)境中,所以進(jìn)一步分析了現(xiàn)有法律制度空間和框架,探討完善雙層股權(quán)結(jié)構(gòu)的相關(guān)配套制度,找尋國(guó)企引入雙層股權(quán)結(jié)構(gòu)之路徑。相關(guān)制度包括:明確表決權(quán)的適用范圍和設(shè)計(jì)、公司治理模式設(shè)計(jì)、強(qiáng)有力的信息披露制度、完善訴訟保護(hù)制度等。論文共為六章,可分為雙層股權(quán)結(jié)構(gòu)研究和國(guó)企改革采用兩大部分。第一章緒論。從國(guó)企改革的政策和雙層股權(quán)結(jié)構(gòu)的特點(diǎn),引出研究這一問題的意義,說明論文的創(chuàng)新之處。第二章雙層股權(quán)結(jié)構(gòu)的概述。包括如下方面:內(nèi)涵與實(shí)質(zhì);梳理其歷史發(fā)展和國(guó)外公司現(xiàn)實(shí)運(yùn)用情況;雙層股權(quán)的理論基礎(chǔ);制度價(jià)值和制度成本。第三章國(guó)有企業(yè)改革采用雙層股權(quán)結(jié)構(gòu)之必要性與可行性。內(nèi)容主要為:從國(guó)企的困境與改革目標(biāo)角度分析必要性,從制度契合與現(xiàn)行立法空間角度分析可能性。第四章國(guó)有企業(yè)采用雙層股權(quán)結(jié)構(gòu)的基本法律問題。在制度引入“本土化”和消除雙層股權(quán)弊端的角度討論可能產(chǎn)生的問題:對(duì)象的適用性、產(chǎn)權(quán)制度、公司治理、股東表決權(quán)分配問題和內(nèi)部制度完善。第五章國(guó)企引入雙層股權(quán)結(jié)構(gòu)之路徑。論述采用雙層股權(quán)結(jié)構(gòu)的國(guó)企如何進(jìn)一步完善公司治理的配套制度:明確表決權(quán)的適用范圍和設(shè)計(jì)、公司治理模式設(shè)計(jì)、強(qiáng)有力的信息披露制度、完善訴訟保護(hù)制度。第六章結(jié)論。幾點(diǎn)對(duì)本論文研究的反思:公司法的適應(yīng)性品質(zhì)、彈性股權(quán)結(jié)構(gòu)有利于國(guó)企發(fā)展、雙層股權(quán)結(jié)構(gòu)和國(guó)企改革的再認(rèn)識(shí)。
[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.

【學(xué)位授予單位】：四川師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：D922.291.91

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