论文标题:国有控股公司治理法律问题研究
Study on Legal Issues Related to the Corporate Governace of State-Owned Holding Company
论文作者
论文导师 许明月,论文学位 博士,论文专业 环境与资源保护法学
论文单位 重庆大学,点击次数 86,论文页数 212页File Size1036K
2007-10-01论文网 http://www.lw23.com/lunwen_440568617/
state-owned holdingcompany;;company govern;; stockholder"s rights;; the domination competition
本文约19万字,共分为九个部分。 本文将国有控股公司的治理法律问题作为研究对象。在选题时主要是基于当前理论界或者监管当局对国有控股公司的关注不够,或者是将精力主要放在上市公司,及股东多元化的其他公司上面,而对政府作为股东或政府作为主要股东的公司,即国有控股公司则没有给予足够的注意。当然从政府的层面上看,政府的期间意志通过国有控股公司的治理结构转化为国有控股公司的实际行动是一件理所当然的事情。因此国有控股公司的治理问题在国外或国内都始终没有得到比较深入研究也是可以理解的。 本文先从国有控股公司的概念和特征入手,考察国有控股公司在各国经济体制环境的背景中地位和作用。之所以先从概念的厘清和界定入手,是因为国有控股公司的内涵在理论界和实务界依然很模糊,几乎都是从实用的角度来发挥和使用,随意性比较大。 经过比较分析,在界定控股公司概念的基础上,依照控股公司股东的性质分类法,本文认为,所谓国有控股公司,是控股公司的一种,是当代许多市场经济国家国有资产管理体制中的一个重要层次,是国家监管和经营国有资产的组织形式之一,是国家出资并授权设立的国有企业,它是政府与企业之间的中介,主要从事国有资产经营与管理活动的国有独资或控股的公司。国有控股公司是指通过持有他公司一定比例的股份(或股权)基础上从事产权运营和重大业务经营管理的国有独资或控股的公司,是国家以较少资本控制较多资本,并执行着管理众多国有企业的职能和实现政府的某一政策目标而组建的经济组织。为了更好地理解国有控股公司的概念,本文还对控股公司和国有控股公司进行分类研究,并对控股公司与企业集团、关联公司之间的区别和联系进行比较。本文认为国有控股公司具有股东方面的特殊性,还要受特别法约束和在国有资产监管体系中承担资产经营管理的中介等一般性国有企业所没有的特征。 国有控股公司是政府在调控经济中的“有形之手”之一。国有控股公司除了具有一般性公司的品格外,还兼具政府的“色彩”。国有资产在国民经济运行中,与私有产权相比,国有产权具有外部性,兼顾社会整体利益,追求和满足社会目标,校正市场失灵的优势。从宏观上看,国有控股公司是政府调控国民经济的重要工具和政府有效干预经济的手段。国有控股公司在配合当地经济发展和宏观调控政策的落实,投资和引导社会资本投资一国重点发展的领域和关键行业,支持关系国家经济命脉和国家安全的重要行业发展,振兴民族经济,促进国民经济的迅速复苏等方面的作用,一直为组建国有控股公司的国家所津津乐道。另外,在我国国有资本在国民经济有进有退的格局下,国有控股公司大量存在的领域往往集中在基础设施行业。这些领域事关国家主权和经济安全,与国民经济和人民生活息息相关;是非国有资本因投资大,回收期长,甚至无利可图而不愿进入,但经济社会发展却十分需要的行业。政府以国有控股公司为载体进行先期投资,为社会提供“公共产品”,解决“市场失灵”和承担助推经济社会发展的功能。国有控股公司承担更多的社会责任也是政府设立国有控股公司的目标之一,扩大就业,为社会提供更多的就业岗位,稳定物价,保障经济社会平稳运行。 从微观上讲,政府出资组建国有控股公司肯定有其营利性的目标期待,实现国有资本的保值增值。政府通过国有控股公司的运营对有效配置资源,调整经济结构起着极其重要的作用。目前我国的国有资金投入,基本上是以国有控股公司为载体进行的,由国有控股公司承担投资项目的设计、建设和经营。 纵观世界主要市场经济国家如美国、德国、法国等的国有控股公司经营制度环境,可以发现,世界上主要市场经济国家的国有资产监管和经营尽管各有不同,但有些相同之处,体现了一些国家在探索国有资产管理体制和经营方式方面的规律性认识又上升到一个新的层面。 主要国家对国有资产管理体制有差别,但分工明确,事权划分合理。从政府层面上看,大体上是通过对国有企业的管理,包括人事、财务、决策和投资等方面进行管理,实现对国有资产的监督和管理。归纳起来,主要有以下几种模式:一是以控股机构为中心的管理体制。意大利是实行这种管理模式的代表。二是以财政部为核心的管理模式。三是以综合协调机构为中心的多部门管理模式。 我国构造国有资产有效监管经营体制的基本框架是一种建立监管、营运和经营相对分离的体制架构,与世界上主要国家国资监管体制类似。世界上主要国家国有资产的管理体制基本上可以分为三个层次:第一层次,建立议会和政府对国有企业的监管,行使企业重大问题的决策权、企业高层领导人员的任免权,对国有资产收益权和财产的分配权,对企业经营行为的监督权和对企业发展的指导权等所有者权利。第二层次是,组建国有控股公司,从事资本经营,国家选派监管代表进入持股公司的董事会,不干预公司日常经营活动其主要作用是通过专门的产权经营,实现社会经济发展和政府政策目标。第三层次是,一般性的基层国有企业,建立规范的法人治理结构,实行董事会领导下的经理负责制。国有控股公司却是我国和世界上主要市场经济国家国有资产监管与经营中都有的一个重要层次,在政府或议会与具体的国有企业之间起到承上启下的作用。国有控股公司的存在并在各国经济实践中经检验和证实,是有效缓解政府过多干预具体企业日常经营活动的“隔离带”和“缓冲器”。 国有控股公司控制权是维系控股公司集团体系的主要纽带,是控股公司通过股权持有达到“管人、管事”的前提和基础。 国有控股公司惯常使用控制其下属公司的手段有:独资、控股、参股等体现的股权控制,企业控制合同和托管、承包租赁等方面的契约控制。在控股公司的各种控制手段当中,控股是各国国有控股公司运用最多的一种手段。国有控股公司资本漫延的地方,也就是其控制触角延伸到的地方。国有控股公司的控制手段不是其经济性目的的本身,而是以股东身份从股东财产所有权中派生出来的经济性权利,表现为国有控股公司控制权。 本文从控股、控股股东、公司控股权和控制、控制股东、公司控制权,两个方面层层递进,剖析控股权和控制权之间的区别和联系。从中可以推导出,公司控股权是控制权中的一个主要部分。而西方一些国家在“私有化”过程中出现的“金股”制度,可以看作是控股权的一种特殊形态。控制权既然是一种经济性的权利,其产生的经济根源应该是公司股东利益价值取向的冲突与平衡的结果。 控股权市场,但更多的被称作控制权市场,也有称之为控股权或控制权竞争,不一而足。学者们基本上从公司治理的角度来论证控制权或控股权市场,把控制权作为公司治理机制的一部分。 在控制权市场上,控股公司的动机主要是目标公司的控制权,控股公司取得目标公司控股权的主要方式有兼并和收购,经常又被简称并购。国有控股公司取得目标的控制权即成为控制股东。控制股东的诚信义务同样适用于国有控股公司。不过在国有控股公司控股权转让方面,当前应注意防止国有控股权的不当流失,又要注意兼顾其他股东的利益。 公司治理不能与公司治理结构等同,但在我国的一些著述里没有作区分或相等同的还相当普遍。公司治理是通过一种制度安排,合理配置所有者与经营者之间的权利和责任关系。公司治理是指规范公司经营和控制公司的制度体系,是规范股东、董事会和经营层之间的相互权利和平衡其他利益相关者利益的制度安排。公司治理至少包括以下内容:一是公司的内部治理,是指公司内部的机构设置和权利的安排。二是金融市场对企业的外部治理,主要是债权人监督公司的相关法律机制。四是资本市场对公司的外部治理,主要包括上市制度信息披露制度和兼并收购等法律制度。五是经理人市场对公司的治理。完全的经理人市场将对公司的现任经营者造成强大的压力。六是激励机制对公司的治理,如股票期权制度等。 公司治理的典型模式有英美治理模式、日德治理模式、家庭治理模式和政府主导型治理模式。国有控股公司的治理模式从理论上分析应属于政府主导型控制模式,虽借鉴其他模式合理化成分,但其特殊性也相当明显。相对于其他公司治理而言,国有控股公司治理具有治理客体宽泛,治理手段复杂多样,除了激励和监督之外,还有控制与协调的问题;国有控股公司内部治理的代理链条长,激励方式也比其他公司丰富。国有控股公司外部治理中政府的考核与评价占有相当重要的作用。 国有控股公司治理机制也很有特色。在控制机制方面,主要手段有股权控制、战略控制、人事和财务控制。而国有控股公司的控制和协调模式有资本控制型、行政控制型和混合控制型、平台控制型。另外,由于各国公司立法的不断完善,国有控股公司在其控股或控制的公司中居于强势地位,保护中小股东的利益和保护母公司中债权人利益的法律制度比较健全,这也是国有控股公司治理健康发展的一个保障。 国有控股公司的治理结构中,政府的“影子”随处可见。当国有控股公司为国有独资公司时,不存在股东会这一权力机关,董事会的作用和职权明显大于非一人股东型国有控股公司的董事会。国有控股公司的股东即政府或政府的特设机构如我国的国资委,抑或议会对国有控股公司的管理和监控,主要是指派董事,任命董事长和总经理。 国有控股公司的董事会则是必设机构。但从世界主要市场经济国家的国有控股公司实践来看,国有控股公司董事会的权力当然受限于股东,但国有控股公司董事会权力具有有限性,董事会的决策权取决于股东或股东大会的意志。在国有控股公司董事会的构成上,成员的人数一般较少。国有控股公司董事会成员的产生方面都是任命制。国有控股公司董事会成员的身份方面,几乎都有相当一部分董事是公务员。 国有控股公司的监事会在职责的设定方面与当前国内的独立董事制度重叠。从发展趋势上看,极有可能独立董事制度会取代国有控股公司的监事会制度。 国有控股公司的经理制度还非常脆弱。“官本位”的思想依然在国有控股公司高级管理人员在有很大的市场,做大企业的目的是为了行政职务的升迁。在我国目前还没有CEO方面的制度性安排,国有控股公司董事长和总裁(总经理)的职责划分仍然是一个漫长过程。国外的CEO制度是把董事长和总裁的职权撮合在一起形成的职位。但在我国的风险很大,尽管可以提高国有控股公司的执行力,可是个人的道德风险控制也是一个不容忽视的问题,否则国有控股公司的治理结构又回到过去的工厂制时代。最好的办法是,让董事长的职位由德高望重的社会名流担任,专事决策和检查落实、督促经营层的活动是否偏离董事会决策的方向。改变法定代表人人数的唯一性,董事长、总裁和其他董事都在其职权范围内代表国有控股公司。总裁的职位和人选、聘任的权力完全交给董事会,这样董事会控制经营层的权力不至于虚化。总裁的人选市场化,有利于形成一个忠实勤勉的职业经理层。
This article approximately 190,000 words, altogether divide into nine parts. This article takes the state-owned holding company"s government legal matter the research object. When selected topic mainly is or the supervising and managing authority is insufficient based on the current theory to the state-owned holding company"s attention, or is mainly puts the energy in goes on the market the company, and above shareholder multiplication other companies, but to the government as the shareholder or the government took the main shareholder"s company, namely the state-owned holding company has not given the enough attention. Certainly looked from government"s stratification plane that government"s period will transforms through the state-owned holding company"s government structure for the state-owned holding company"s practical action is a natural matter. Therefore the state-owned holding company"s government question in overseas or domestic throughout has not obtained all the quite thorough research also is may understand. This article first obtains from the state-owned holding company"s concept and the characteristic, inspection state-owned holding company in various countries economic system environment background status and function. Therefore first obtains from the concept thousandth of a Yuan clear limits, is because of the state-owned holding company"s connotation in the theory and the solid service still very fuzzy ,nearly all is displays and the use from the practical angle, quite is at will big. After the comparative analysis, in the limits holding company concept foundation, according to the holding company shareholder"s nature classification, this article believed that, the so-called state-owned holding company, is holding company"s one kind, is in a present age many market economies country state asset management system important level, is national supervising and managing and one of management state asset organization forms, is the national investment and the authorized establishment state-owned enterprise, it is between the government and the enterprise intermediary, mainly is engaged in the state asset management and the management state-owned sole ownership or the company. The state-owned holding company is refers through has his company certain proportion the stock (either stockholder"s rights) in the foundation is engaged in the property right operation and the significant account executive management state-owned sole ownership or the company, is the country by less capitals control more capitals, and is carrying out the economic organization which the management multitudinous state-owned enterprise"s function and the realization government"s some policy goal sets up. In order to understood well the state-owned holding company the concept, this article also conducts the classified research to the holding company and the state-owned holding company, and to the holding company and between the enterprise group, the connection company"s difference and the relation carries on the comparison. This article thought the state-owned holding company has the shareholder aspect the particularity, but also must receive the special law restraint and undertakes the property management management intermediary in the state asset supervising and managing system and so on the general state-owned enterprise no characteristic. The state-owned holding company is the government in the regulative economy "the visible hand" one. The state-owned holding company besides has the general company the moral character, but also concurrently government "color". The state asset in the national economy movement, compares with the private property right exterior, the state-owned property right has the nature, the proper attention to both society overall benefit, pursues and satisfies the social goal, adjusts superiority which the market malfunctions. From on macroscopic looked that, the state-owned holding company is the government regulates the national economy the important tool and the government effective intervention economy method. The state-owned holding company is coordinating the local economy development and the macroeconomic regulation and control policy realization, the investment and the guidance social capital invests a country prioritize the domain and the essential profession, supports the relations state economy life and the national security important profession development, the promotion national economy, promotes the national economy rapidly to recover and so on the aspect function, continuously for sets up the state-owned holding company the country to love to talk about. Moreover, has under the pattern in the our country state-owned capital in the national economy which has draws back, the state-owned holding company massive existences domain often concentrates in the infrastructure profession. These domain critical time national sovereignties and the economic security, are closely linked with the national economy and the lives of the people; The right and wrong state-owned capital because invests in a big way, the recycling time is long, even has no benefits to be gained but is not willing to enter, but the economic society develops the profession which actually extremely needs. The government carried on take the state-owned holding company as the carrier ahead of time invests, was the society provides "the public product", the solution "the market malfunctioned" and undertakes the function which the boost economic society developed. The state-owned holding company undertakes the more social responsibility also is the government sets up one of state-owned holding company goals, the expanded employment, provides the more employment post for the society, stable price, safeguard economic society steady movement. From on microscopic says, the government investment sets up the state-owned holding company definitely to have it seeking to make a profit goal to anticipate, the realization state-owned capital guarantees the value increment. The government through the state-owned holding company"s operation to the effective disposition resources, the adjustment economic structure is playing the extremely vital role. At present our country state-owned fund investment, basically is carries on take the state-owned holding company as the carrier, undertakes the investment project design, the construction and the management by the state-owned holding company. Looks over world main market economy country like US, Germany, France and so on the state-owned holding company manages the system environment, may discover, in world main market economy country state asset supervising and managing and management although respectively has the difference, but some same place, has manifested some countries in the exploration state asset management system and the management way aspect regularity knew rises to a new stratification plane. The main country has the difference to the state asset management system, but divides the work is clear about, the governance division is reasonable. Looked from the government stratification plane that, on roughly is through to the state-owned enterprise"s management, including aspect and so on human affairs, finance, decision-making and investment carries on the management, realizes to the state as set surveillance and the management. Induces, mainly has following several kind of patterns: One, take the organization as the central management system. Italy is the representative which implements this kind of management pattern. Two, take Ministry of Finance as core management pattern. Three, take synthesizes the synchronizing gear to manage the pattern as the central multi- departments. The our country structure state asset effective supervising and managing management system bare bone is one kind of establishment supervising and managing, transport business and the management relative separation system overhead construction, the main national capital supervising and managing system is similar with the world in. In the world the main national state asset management system basically may divide into three levels: The first level, establishes the parliament and the government to state-owned enterprise"s supervising and managing, exercises the enterprise major issue policy-making power, the enterprise high level the leadership personnel to appoint and dismiss the power, to the state as set usufruct and the property assignment power, manages the behavior to the enterprise the supervisory authority and owner right and so on instruction power which develops to the enterprise. The second level is, sets up the state-owned holding company, is engaged in the capital management, the country details to supervise and manage the representative to enter the holding company the board of directors, does not intervene the company daily management to exercise its main function is through the special property right management, the realization social economy development and the government policy goal. The third level is, under the general basic unit state-owned enterprise, establishes the standard the legal person governs the structure, manager which the implementation board of directors leads the responsibility system. The state-owned holding company actually is an important level which in our country and the world in main market economy country state asset supervising and managing and the management all has, plays the role between the government or the parliament and the concrete state-owned enterprise which links the preceding with the following. The state-owned holding company"s existence and in the various countries" economy practice after the examination and the confirmation, is effectively alleviates government excessively many interventions concrete enterprise daily management "to isolate the belt" and "the buffer". The state-owned holding company domination is maintains the holding company group system the main link, is the holding company has through the stockholder"s rights achieves "the tube person, the steward" the premise and the foundation. The state-owned holding company regularly uses controls its subordinate company the method to include: The sole ownership and so on manifest the stockholder"s rights control, the enterprise controls the contract and is entrusted with, the contract rents and so on the aspect contract control. In the middle of holding company"s each control method, is the various countries" state-owned holding company utilizes most one method. The state-owned holding company capital extends place, also is the place which its control antenna extends. The state-owned holding company"s control method is not its efficient goal itself, but is by the share holder status the efficient right which derives from the shareholder property rights, displays for the state-owned holding company domination. This article from the shareholder, the company controls the stockholder"s rights and the control, controls the shareholder ,the company domination, two aspects layer upon layer progressive, the analysis controls between the stockholder"s rights and the domination difference and the relation. May infer, the company controls the stockholder"s rights is in a domination main part. But western some countries in the process appear "the golden stock" in "the privatization" the system, may regard as is controls the stock holder"s rights one kind of special shape. The domination since is one kind of efficient right, it produces the economical root should be the company shareholder benefit value orientation conflict and the balance result.Controls the stockholder"s rights market, but are more is been called as the domination market, also has called it controls the stockholder"s rights or the domination competition, numerous. The scholars basically the angle which governs from the company to prove the domination or to control the stockholder"s rights market, governs the domination as the company the mechanism a part.In the domination market, holding company"s motive mainly is the goal company"s domination, the holding company obtains the goal company to control the stockholder"s rights the fundamental mode to have the annexation and the purchase, frequently is called and buys. The state-owned holding company obtains the goal the domination namely to become controls the shareholder. Controls shareholder"s good faith duty similarly to be suitable for the state-owned holding company. But controls the stockholder"s rights transfer aspect in the state-owned holding company, current should pay attention prevented state-owned controls the stockholder"s rights not when drains, also must pay attention gives dual attention to other shareholders" benefits. The company governs cannot govern the structure with the company to equate, but has not made the discrimination in our country some writings or equally with quite is also common. The company governs is through one kind of system arrangement, reasonably disposes between the owner and operator"s right and the responsibility relations. The company governs is refers to the standard company to manage with the control company"s institutional framework, is between the standard share holder, the board of directors and the management level mutual right and balances other benefit correlation benefits the system arrangement. The company governs at least including the below content: One is company"s internal government, is refers to the company interior the organization establishment and the right arrangement. Two is the money market to enterprise"s exterior government, mainly is the creditor supervises the company the related legal mechanism. Four is the capital market to company"s exterior government, mainly includes goes on the market the system information to disclose legal system and so on the system and annexation purchase. Five is the manager market to company"s government. The complete manager market will create the formidable pressure to company"s incumbent operators. Six, drive mechanism to company"s government, like stock time power system and soon. The company governs the typical pattern has the English America government pattern, Japan the Germany government pattern, the family government pattern and the government leadership government pattern. The state-owned holding company"s government pattern theoretically analyzes should belong to the government leadership control pattern, although profits from other pattern rationalization ingredients, but its particularity quite is also obvious. Is opposite governs to other companies says, the state-owned holding company governs has the government object broadly, the government method complex is diverse, besides drive and surveillance, but also has the control and the coordinated question; State-owned holding company interior government proxy chain link long, the drive way is also richer than other companies. In the state-owned holding company exterior government"s inspection and the appraisal holds the quite vital role.The state-owned holding company governs the mechanism also very much to have the characteristic. In the control machine-made aspect, the main method has the stockholder"s rights to control, the strategic control, the human affairs and the financial control. But the state-owned holding company"s control and the coordinated pattern have the capital control, the administrative control and the mixture control, the platform control. Moreover, because the various countries" company legislates the unceasing consummation, the state-owned holding company occupies in its or in the control company to the status, protects in the young shareholder"s benefit and the protection parent company the creditor benefit legal system quite is perfect, this also is the state-owned holding company governs the health development a safeguard. In state-owned holding company"s government structure, government "shadow" everywhere obviously. When state-owned holding company for state-owned sole ownership company, does not have the share holder meeting this organ of power, board of director"s function and the authority obviously is bigger than east a non- annual bonus the state-owned holding company"s board of directors. The state-owned holding company"s shareholders are the government or government"s special entity like our country national capital committee, or the parliament to the state-owned holding company"s management and the monitoring, mainly appoints the trustee, appoints chairman of the board and general manager. The state-owned holding company"s board of directors is must suppose the organization. But practices from the world main market economy country state-owned holding company looked that, the state-owned holding company board of director"s authority certainly receives is restricted in the shareholder, but the state-owned holding company board of directors authority has limited, board of director"s policy-making power is decided by the shareholder or the general meeting of shareholders will. In the state-owned holding company board of director"s constitution, member"s population are general. The state-owned holding company board of directors member"s production aspect all appoints the system. The state-owned holding company board of directors member"s status aspect, nearly all has quite part of trustees is an official. The state-owned holding company"s board of supervisors overlaps in the responsibility hypothesis aspect and the current domestic independent trustee system. Looked from the development tendency that, extremely has the possibility independent trustee system to be able to substitute for the state-owned holding company the board of supervisors system. State-owned holding company"s manager the system extremely is also frail, "officialdom standard" the thought still in has the very big market in the state-owned holding company high-level administrative personnel, makes the big enterprise the goal is for administrative duty being promoted. At present does not have the CEO aspect in our country the system arrangement, state-owned holding company chairman of the board and President (general manager) the responsibility division still was a long process. The overseas CEO system is reconciles chairman of the board and President"s authority the position which forms in the same place. But is very big in our country risk, although may enhance the state-owned holding company to carryout the strength, but individual moral risk control also is a not allow to neglect question, otherwise the state-owned holding company"s government structure returns factory system time. The best means are, lets chairman of the board"s position hold the post by the of noble character and high prestige public celebrities, special matter decision-making and inspection realization, supervision management level activity whether does deviate the board of directors decision-making direction. Changes the legal representative population uniqueness, chairman of the board, President and other trustees all represents the state-owned holding company in its within the job duty. President"s position and the candidate, appoint the authority completely gives the board of directors, such board of directors controls the management level empty the authority not as for. President"s candidate market, is advantageous to forms a faithful assiduous professional manager the level.
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